KKR buys Kobalt Capital’s music rights portfolio for $1.1 billion By Reuters

© Reuters. FILE PHOTO: Buying and selling info for KKR & Co is displayed on a display on the ground of the New York Inventory Alternate (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

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(Reuters) -Personal fairness big KKR & Co (NYSE:) and former Goldman Sachs (NYSE:) accomplice Stephen Hendel’s household workplace have purchased Kobalt Capital’s music rights portfolio for about $1.1 billion, the businesses stated on Tuesday.

The deal will give KKR and Dundee Companions entry to greater than 62,000 copyrights by artists throughout pop, rock, hip hop, nation and different genres, the businesses stated.

Kobalt Music serves 25,000 songwriters and 600 publishers, together with Paul McCartney, Enrique Iglesias and Phoebe Bridgers. The deal is yet one more indication of elevated curiosity from non-public fairness teams within the music business. Asset supervisor Blackstone (NYSE:) Inc stated final week it will make investments $1 billion with an advisory agency to purchase music rights and file songs as on-line streaming features reputation and turns into extra profitable.

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