Warner Music Group and Bain Capital are launching a joint venture to allow for the purchase of up to $1.2 billion in music catalogs.

"Augmenting our deep expertise and global infrastructure with Bain Capital’s financial prowess and belief in music will make us the destination of choice for preeminent catalogs," WMG CEO Robert Kyncl said.

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.