Investment firm KKR & Co said on Monday it will buy a majority stake in Ryan Tedder and OneRepublic's music catalog that includes hits such as "Counting Stars" and "Apologize".
The company, with investments in TikTok parent ByteDance and music company BGM, will also have publishing and recorded music rights to the catalog that has nearly 500 songs, including those co-written with popular acts such as Beyonce, Lady Gaga and U2.
Tedder's management and artist development companies will also take part in the equity transaction.
Record label Interscope Records will continue to own the master recordings of OneRepublic, of which Tedder is the lead singer.
KKR said it wants to expand the reach of Ryan Tedder's music, who is the winner of three Grammy awards, with its investment experience in digital, media and music businesses.