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

by Mike Robinson

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© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

(Reuters) -Private equity giant KKR & Co (NYSE:) and former Goldman Sachs (NYSE:) partner Stephen Hendel’s family office have bought Kobalt Capital’s music rights portfolio for about $1.1 billion, the companies said on Tuesday.

The companies announced that KKR will be granted access by Dundee Partners to over 62,000 copyrights from artists in pop, hip hop and country.

Kobalt Music services 25,000 authors and 600 publishers. These include Paul McCartney (Enrique Iglesias), Phoebe Bridgers, and Phoebe Bridgers. Another sign of increasing interest by private equity funds in the music sector is this deal. Blackstone, an asset manager (NYSE:) Inc stated last week that $1 billion would be invested with an advisory firm in order to acquire music rights and record songs. Online streaming is becoming more popular and lucrative.

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