We haven’t heard much (in a music-industry sense) from Edgar Bronfman Jr since he sold Warner Music Group to Access Industries in 2011, then stepped down as chairman a few months later.
Some interesting news this morning though: Bronfman is starting a new venture-capital company called Waverley Capital, which Bloomberg reports will be raising a $100m fund to target ‘media investments’.
In an interview, the former WMG boss said he sees a gap in the market. “There’s almost no money in Silicon Valley going toward media… Content and technology went to war with each other for a period of time,” said Bronfman.
No news yet on which companies Waverley Capital will be investing in, or how much music will feature in the fund’s priorities. Co-founder Daniel Leff told Bloomberg that “very early stage” startups will be the focus, however.