Primary Wave Music signed a definitive agreement on 23 March to acquire Kobalt, the London-based music publishing and rights administration group, from private equity firm Francisco Partners.
Why Primary Wave Music is buying Kobalt Music Group
The parties said the deal would create a scaled, independent alternative to traditional publishing models. Kobalt will remain a standalone company under chief executive Laurent Hubert and its current management team.
Deal terms and financing
Financial terms were not disclosed. Music Business Worldwide, citing sources close to the deal, put the price at about US$1.5bn. Brookfield, a strategic partner of Primary Wave, invested alongside it.
Regulatory approvals and timing
The deal was expected to close in the third quarter of 2026 subject to customary conditions. It closed on 7 July 2026 after regulatory clearance, according to Music Business Worldwide.
Market context
Kobalt serves more than 1m songs from 10 offices and, on average, represents over 35% of the top 100 songs and albums in the US and UK. Francisco Partners bought a 90% stake in 2022 at a valuation of about US$750m. Kobalt reported revenue of US$794.4m in the year to June 2024 and sold AWAL to Sony Music in 2021.
