Patrick Whitesell Starts Joint Venture With Universal Music Group
Universal Music Group has established a new joint venture with Patrick Whitesell and his Silver Lake Capital-backed investment firm WTSL, Whitesell and UMG announced on Thursday.
The deal puts Whitesell — who left his post as executive chairman of WME back in March — in business with the world’s largest music company. Neither UMG nor Whitesell disclosed any specific financial details of the new partnership.
Among UMG’s roster of superstars are Billie Eilish, Ariana Grande, The Weeknd, Lady Gaga and Taylor Swift among others. Whitesell and UMG said the JV is focused around taking UMG’s music and artists and creating more opportunities with their IP through “film, television, fashion, consumer products and branded experiences” among other potential avenues.
“This is about building the future of artist IP with the scale and ambition it deserves,” Whitesell said in a statement. “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.”
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Recording artists remain some of the most marketable figures in entertainment for brand partnerships given their legions of fans. UMG, for its part, has grown increasingly focused on finding more ways to hone in on “super-fans,” who’ve shown a willingness to spend more on their favorite artists from limited edition music to merchandise.
“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.”
Whitesell’s $250 million Silver Lake-backed firm was first announced when Endeavor’s take-private was announced last year. Aside from the venture with UMG, since leaving WME back in March, Whitesell had also invested in Peyton Manning’s Omaha Productions.
