KKR buys Kobalt Capital’s music rights portfolio for $1.1 billion By Reuters
© Reuters. FILE PHOTO: Commercial information for KKR & Co is displayed on a screen on the trading floor of the New York Stock Exchange (NYSE) in New York, the United States, on August 23, 2018. REUTERS / Brendan McDermid
(Reuters) – Private equity giant KKR & Co (NYSE 🙂 and the family office of former Goldman Sachs (NYSE:) partner Stephen Hendel have bought Kobalt Capital’s music rights portfolio for around $ 1.1 billion, announced the company on Tuesday.
The deal will give KKR and Dundee Partners access to more than 62,000 copyrights from artists in pop, rock, hip hop, country and other genres, the companies said.
Kobalt Music serves 25,000 songwriters and 600 publishers, including Paul McCartney, Enrique Iglesias and Phoebe Bridgers. The deal is yet another indication of the increased interest of private equity groups in the music industry. Asset manager Blackstone (NYSE 🙂 Inc said last week it would invest $ 1 billion in a consulting firm to buy music rights and record songs as online streaming grows in popularity and becomes more lucrative.
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