Primary Wave has completed its acquisition of Kobalt after clearing all relevant regulatory scrutiny, closing the deal on Tuesday 7 July in an agreement estimated to be worth more than $1.5 billion. The tie-up combines two of the biggest independent players in music publishing, and their assets together are valued at roughly $7 billion, creating a substantial new force in the independent sector.

The two firms will continue to operate as standalone businesses, with Kobalt retaining chief executive Laurent Hubert. They bring complementary strengths: Primary Wave specialises in acquiring stakes in high-profile catalogues from artists such as Prince, Whitney Houston and Bob Marley, while Kobalt — often ranked as the largest independent publisher by market share — focuses on publishing administration and royalty collection for a roster of current songwriters including Phoebe Bridgers, Paul McCartney and Childish Gambino. Crucially, the deal gives Primary Wave in-house administration services, having previously relied on outside publishers such as Kobalt and UMPG, plus ownership of Kobalt's AMRA collection society, which could reduce the fees it pays to local societies and subpublishers.