Warner Bros. Discovery (WBD) has entered into a landmark joint venture with UK-based Cutting Edge Group (CEG) to co-own and manage its vast catalog of film and TV music. Valued at over $1 billion, this deal is among the largest music rights transactions in history. Germany-based DWS Group is also co-investing in the venture.

Spanning nearly a century, WBD’s catalog features over 400,000 compositions, including iconic scores from Harry Potter, Lord of the Rings, and DC Comics films, as well as TV hits like Friends, Game of Thrones, and Succession. The portfolio also includes classics such as Blade Runner, A Star is Born, and The Exorcist.

WBD will retain creative and operational control of the catalog, while music from Warner Bros., HBO, and Turner Networks will continue to be administered by Universal Music Publishing Group, and Discovery/Scripps Networks’ music will remain under Sony Music Publishing.

CEG, known for strategic music rights investments, has been expanding aggressively, securing $500 million in refinancing last year and identifying a $1.5 billion investment pipeline. CEO Philip Moross hailed the venture as a “once-in-a-lifetime opportunity,” while WBD’s Paul Broucek emphasized its potential to engage new audiences.

This deal reinforces Cutting Edge’s position as a key player in the film and TV music sector, following a series of high-profile acquisitions and strategic partnerships in entertainment and publishing rights.