The purchase of the whole Chili Peppers catalog marks a re-entry into the music industry for Bain Capital.

Warner Music Group Corp. and investment firm Bain Capital are joining together to invest as much as $1.2 billion in iconic music catalogs.

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.