Warner Music Group and Bain Capital are launching a joint venture to purchase up to $1.2 billion of music catalogs, the companies said on Tuesday, the latest in a series of partnerships between record labels and private equity firms.

Warner Music Group (WMG) and private equity firm Bain Capital announced on Tuesday a joint venture to purchase up to $1.2 billion worth of legendary music catalogs across the two categories of recorded music and music publishing.

Warner Music is in talks to acquire the Red Hot Chili Peppers’ catalogue for more than $300mn, as the record label seals a $1.2bn joint venture with private equity group Bain Capital to make a big push into buying song rights.