Primary Wave Music, a leading independent publisher of iconic and legendary music, announced a definitive agreement to acquire Kobalt, one of the world’s premier independent music publishing and technology platforms. The transaction includes an investment from Brookfield, a strategic partner to Primary Wave. This deal creates a scaled, independent alternative to traditional publishing models, highlighting Kobalt’s best-in-class royalty platform, amra’s global digital collection vehicle, and Primary Wave’s proven ability to grow the value of legendary music IP through creative marketing and other initiatives.
The agreement will see Kobalt, under the continued leadership of Laurent Hubert and its current management team, remain a separate, stand-alone entity with a distinct mission: to be the industry’s premier tech-driven publishing administrator and creative partner, maintaining its unwavering “creator first” philosophy and commitment to service, transparency and innovation.
The deal encompasses Kobalt’s worldwide operations, its catalog of owned copyrights, and amra (its digital collection operation). The transaction is subject to customary closing conditions and is expected to close in Q3 2026.
“Over the many years Laurent and I have known each other I have always been impressed by the remarkable team he has built, as well as the extraordinary growth Kobalt has experienced under his leadership,” said Larry Mestel, CEO & Founder, Primary Wave Music. He continues, “This acquisition will only enhance his efforts to provide creators individualized attention and specialized support at every stage of their journey and to provide a very significant amount of capital to Kobalt for continued growth.”
Laurent Hubert, CEO of Kobalt, added: “Primary Wave understands our vision of independence and the importance of our ‘creator first’ mindset driven by service, technology, and creativity. We are incredibly excited about our next chapter with them as our partner. Larry and the Primary Wave team are true champions of the music community, and their support underscores the value of the independent ecosystem we are all building. Our clients can remain confident that our mission and leadership remain entirely focused on their success. We thank our founder Willard Ahdritz, Francisco Partners and Matt Pincus for their incredible partnership over the last few years, which has positioned us perfectly for this next chapter.”
“Our partnership with Kobalt has been defined by a shared commitment to innovation and the success of the independent creator,” said Mario Razzini, Partner at Francisco Partners. “Over the last few years, we have worked closely with Laurent and the team to scale Kobalt’s industry-leading technology and expand its global footprint. We are proud of what we have achieved together and believe Primary Wave is the ideal partner to support Kobalt’s continued evolution as a transformative force in the music industry.”
Upon the close of the deal, Kobalt Founder Willard Ahdritz will step down from his role as Chairman of the Board. Ahdritz commented: “Twenty-five years ago, I founded Kobalt with a clear vision: creators deserved better, and the digital music industry needed the technology, scale, and transparency of a modern tech company. We succeeded, empowering songwriters and creators to retain their rights, and helping establish music royalties as a recognized asset class along the way.” He continues, “First as Group CEO for 20 years and then as Chairman for five — I have had the privilege of working alongside extraordinary people across two generations of leadership and more than 900 colleagues, all united by our mission. I am deeply proud of what we built together and thank Laurent, Jeannette Perez, Tomas Ericsson and Catrin Drabble, and the rest of our outstanding team for their leadership and dedication. Primary Wave is the right home for Kobalt’s next chapter, and I step down as Chairman feeling confident about the future of the business, its people, and its mission.”
Goldman Sachs & Co. LLC served as financial advisor.
About Kobalt
Kobalt Music is the leading independent music publishing destination for songwriters and publishers, powered by technology. Across 10 global offices, Kobalt serves over 1 Million songs, representing some of the biggest songwriters in the world, including Roddy Ricch, Max Martin, Karol G, Andrew Watt, Stevie Nicks, Phoebe Bridgers, The Lumineers, Gunna, Justin Quiles, The Foo Fighters, Paul McCartney, and many more. On average, Kobalt represents over 35% of the top 100 songs and albums in the US and the UK. With a relentless focus on advancing the interests of creators, Kobalt leverages cutting-edge technology to streamline the complex processes of music publishing administration. The company’s dedication to transparency, coupled with its forward-thinking approach, has positioned it as a trusted partner for songwriters and rights holders navigating the ever-evolving music industry.
Kobalt’s unwavering commitment to empowering creators and reshaping the future of music rights management solidifies its standing as a global leader in the music industry. The company continues to transform the industry, most recently via AMRA, its global digital music collection society designed to maximize value for songwriters and publishers in today’s digital age, while providing the highest level of transparency and efficiency.
According to the Kobalt Music roster, featured hip hop and rap-adjacent talent includes Gunna, Roddy Ricch, Childish Gambino, Bossman Dlow, London On Da Track, Rogét Chahayed, Slick Rick, Anuel AA, and STREETRUNNER. The publisher also represents Young Thug and De La Soul through various administration and partnership deals.
About Primary Wave Music
The Home of Legends.
Primary Wave Music is the leading independent publisher of iconic and legendary music in the world. The company is home to some of the most iconic songwriters, artists, and record labels across the history of recorded music including Bob Marley, Prince, Stevie Nicks, Notorious B.I.G., James Brown, The Doors, Frankie Valli & the Four Seasons, Smokey Robinson, Whitney Houston, Ray Charles, Burt Bacharach, Neil Sedaka, Bing Crosby, Dave Brubeck, Gilberto Gil, Luther Vandross, Olivia Newton-John, Patti LaBelle, Isaac Hayes, Andre 3000, Ric Ocasek, The Cars, Axl Rose, Steven Van Zandt, Aerosmith, Def Leppard, America, War, Teddy Pendergrass, Count Basie, Traveling Wilburys (Bob Dylan), Donny Hathaway, Joey Ramone, Scott Weiland (Stone Temple Pilots), Jerry Jeff Walker, Bob Burns (Lynyrd Skynyrd), Robert “Kool” Bell, George Brown (Kool & The Gang), Sly & The Family Stone, Phil Lynott (Thin Lizzy), Boston, Alice Cooper, Paul Anka, Boy George and Culture Club, Allee Willis, Paul Rodgers, Free, The Cranberries, Steve Cropper, Sarah McLachlan, Alice In Chains, Air Supply, Nuno Bettencourt (Extreme), Julian Casablancas (The Strokes), Huey Lewis and the News, Itzhak Perlman, PF Sloan, Glenn Gould, Gin Blossoms, Spin Doctors, Disturbed, George Merrill & Shannon Rubicam, Steve Porcaro, Styx, Keith, Forsey, Jeff Porcaro, Chuck Mangione, Pat Metheny, Chris Isaak, Sun Records, Times Music (subsidiary of the Times of India Group), Nas Nuvens Music Group, and many more. The songs represented by Primary Wave include over 1000 Top 10 singles, and over 400 #1 hits. Since its inception in 2006, Primary Wave Music has embraced an entrepreneurial spirit, offering, and executing proactive one-of-a-kind ideas, unique services, and marketing campaigns for our artists. Primary Wave has earned a stellar reputation for being forward thinking and re-introducing classic artists and their music into the modern marketplace as well as nurturing young talent to become legends themselves. This success is based upon our team of seasoned and creative executives collaboratively working together closely with our artists as partners. As a company, we strive for excellence in the pursuit of iconic artists and catalogs that not only reflect great artistry, but impact and influence culture.
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