Feb 6 (Reuters) - Warner Music Group ( WMG ) said on

Thursday it has acquired a controlling stake in Tempo Music,

helping it expand its intellectual property portfolio by gaining

rights for songs by artists such as Bruno Mars, Adele and Wiz

Khalifa.

The deal values Tempo at around $450 million, sources

familiar with the matter told Reuters.

Shares of the company rose 1.1% in premarket trading.

Separately on Thursday, Warner Music ( WMG ) also reported revenue of

$1.67 billion for the first quarter, compared with the average

of analysts' estimate of $1.66 billion, according to data

compiled by LSEG.

New York-based Warner Music ( WMG ) is acquiring the stake from

Providence Equity Partners, who will remain a minority investor

in Tempo and continue to work with Warner in an advisory role.

"By acquiring Tempo's impressive catalog, we're expanding

Warner Chappell's reach, bringing rights from songwriters we

currently don't represent, as well as additional rights from

songwriters with whom we're already partners," said Guy Moot,

CEO of Warner Chappell, the music publishing arm of Warner Music

Group ( WMG ).

Warner Music Group ( WMG ) partnered with investment firm Providence

to launch Tempo in 2019.

Tempo quickly amassed a diverse catalog, holding music

rights for leading songwriters, artists and producers such as

Twenty One Pilots' Tyler Joseph, Wiz Khalifa and Jonas Brothers.