Key Points
- Primary Wave completed its acquisition of Kobalt Music on July 7, 2026.
- Industry reports value the deal at roughly $1.5 billion, bought from Francisco Partners.
- Kobalt keeps operating as a standalone company under CEO Laurent Hubert.
- The combined company is valued at approximately $7 billion.
Primary Wave Music has closed its acquisition of Kobalt Music, buying one of the largest independent publishers in the business from private-equity firm Francisco Partners. Music Business Worldwide reported the deal closed on Tuesday, July 7, after clearing all regulatory review. The companies did not disclose terms, but industry reporting has put the price at roughly $1.5 billion, and the combination creates a company valued at approximately $7 billion. The transaction was first announced in March. Primary Wave also holds a 42% stake in Prince's estate, whose stage musical Purple Rain is set for a Broadway opening in April 2027.
Kobalt spent two decades positioning itself as the technology-forward alternative to the major publishers, built on transparent royalty accounting and administration deals that let songwriters keep ownership of their copyrights. Francisco Partners bought a roughly 90% controlling stake in the company in 2022 at a valuation near $750 million; the sale to Primary Wave roughly doubles that figure in three years.
The acquisition covers Kobalt's worldwide operations, its catalog of owned copyrights, and AMRA, the company's global digital music collection society. Brookfield joined the deal as a strategic partner and co-investor alongside Primary Wave. Under the new ownership, Billboard reported Kobalt will continue to run as a standalone company under CEO Laurent Hubert and its existing management team, rather than being folded into Primary Wave's catalog-and-brand-management operation.
The close lands in the middle of a consolidation rush across music rights. In the past month alone, Iron Maiden's members sold Pophouse half of their catalog and likeness rights, Reservoir Media acquired the Nacional Records and Canciones Nacionales catalogs, CVC Capital Partners agreed to acquire a majority stake in DistroKid, and Garth Brooks began exploring a sale of his catalog valued at up to $2 billion. Primary Wave and Kobalt together now sit among the largest independent players in a market otherwise dominated by Universal, Sony, and Warner.
Source: Music Business Worldwide
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