Les Bider, the former chairman-CEO of Warner/Chappell Music, has joined private equity firm Elevation Partners to assist in evaluating investments, primarily in the music industry and related areas.
Bider, who takes the title of executive-in-residence, may also become involved in the management of any investments the firm makes in the sector.
Elevation Partners has $1.9 billion in capital that it plans to invest over the next several years in media, entertainment and consumer-related businesses. It primarily focuses on investing in intellectual property and content-oriented businesses.
Chairman of the MusiCares Foundation for the Recording Academy, Bider played a significant role in the creation of Warner/Chappell Music through the merger of Warner Bros. Music with the Chappell and Intersong Music Group in 1987. Warner/Chappell grew from a $30 million-a-year business upon its creation to one that generated $500 million last year, when Bider ankled.