Universal Music Group has formed a joint venture with WTSL, the Silver Lake-backed investment firm founded by prominent Hollywood agent and WME co-founder, Patrick Whitesell.
According to the official announcement, the venture’s goal is to “accelerate commercial opportunities for UMG’s artists and artist estates in rapidly growing areas outside traditional recorded music and music publishing”.
The press release added that the JV will pursue opportunities that “extend music’s value across film, television, fashion, consumer products, branded experiences, and other emerging growth areas”.
Citing an interview with UMG Chairman and CEO Sir Lucian Grainge, The Financial Times reports that examples of ‘ambitious projects’ Grainge wants to ‘replicate’ via the JV include the wildly popular Abba Voyage virtual concert series and Mamma Mia! musical.
The FT also reports that the ‘agreement’ between UMG and Whitesell will ‘have financial backing’ from private equity giant Silver Lake.
Patrick Whitesell launched his new platform with $250 million in backing from Silver Lake following the latter company’s acquisition of Hollywood agency giant Endeavor. Whitesell was previously Endeavor’s Executive Chairman.
Silver Lake completed its acquisition of WME owner Endeavor in March, taking the company private and rebranding it as WME Group.
According to UMG’s official press release about the new JV with Whitesell, as co-founder of WME and now founder of WTSL, he “has helped talent navigate moments of transformation – structuring groundbreaking deals that reshaped how creators engage with ownership, production, and brand expansion”.
In a statement issued on Thursday (June 12), UMG Chairman and CEO Sir Lucian Grainge said: “We exist at the center of a vibrant ecosystem of partners from the worlds of technology, brands, retailers, and media who recognize the power of our artists to shape culture globally.”
“With this new venture we will be able to leverage Patrick’s deep experience in successfully creating non-traditional business models with world-class IP to accelerate the expansion and monetization of our ecosystem to the benefit of our artists and partners.”
Sir Lucian Grainge
Added Grainge: “With this new venture, we will be able to leverage Patrick’s deep experience in successfully creating non-traditional business models with world-class IP to accelerate the expansion and monetization of our ecosystem to the benefit of our artists and partners.”
According to Universal, by combining UMG’s and WTSL’s “strategic expertise and networks”, the two companies will “capitalize on how cultural influence is leveraged, making artists and their music the foundation for building scalable, multidimensional businesses that connect with audiences in new and lasting ways”.
“This is about building the future of artist IP with the scale and ambition it deserves.”
Patrick Whitesell
“This is about building the future of artist IP with the scale and ambition it deserves,” said Whitesell.
“Universal Music Group represents the most powerful collection of music and artists anywhere in the world. Together, we’ll explore new ways to extend that cultural force into every dimension of entertainment and consumer life — creating lasting business value while keeping music at the center.”
UMG argues that other entertainment industries like sports, film, and digital media “have already undergone a major shift where talent is even more valued,” and that “athletes and entertainers have become equity stakeholders, producers, and business leaders, building vertically integrated platforms around their personal brands”.
According to UMG, WTSL’s founder Patrick Whitesell has played a central role in that “evolution” via his work spanning live events, media, and creator-led ventures, “all with the goal of helping talent scale strategically and sustainably”.
This new joint venture, according to UMG, “reflects that same philosophy, applied to music”.
“It’s built to give artists the same tools and structure to turn creative equity into long-term enterprise that’s anchored by music and designed for multi-format growth,” the company said.
Music Business Worldwide
