KKR buys music rights portfolio from Kobalt Capital for $ 1.1 billion

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Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, United States, on August 23, 2018. REUTERS / Brendan McDermid

October 19 (Reuters) – Private equity giant KKR & Co (KKR.N) and the family office of former Goldman Sachs (GS.N) partner Stephen Hendel have purchased Kobalt Capital’s portfolio of music rights for about $ 1.1 billion, the companies said on Tuesday.

The deal will give KKR and Dundee Partners access to more than 62,000 copyrights for artists from 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 another indication of the increased interest of private equity groups in the music industry. Asset manager Blackstone Inc (BX.N) said last week it would invest $ 1 billion with a consultancy firm to buy music rights and record songs as online streaming grows in popularity and becomes more lucrative. Read more

(This story corrects to remove superfluous words from paragraph 2)

Report by Niket Nishant in Bangalore; Edited by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.


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