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The Billion-Dollar Deal Between Primary Wave & Kobalt | Billboard On The Record
Primary Wave has acquired independent music publisher Kobalt in a deal reported to be worth well over $1 billion. The merger brings together Primary Wave’s focus on buying and developing established music catalogues with Kobalt’s publishing business, which works with current songwriters, reshaping a major part of the music publishing market.
In an interview, Primary Wave founder and CEO Larry Mestel and Kobalt CEO Laurent Hubert discuss how the combined business will operate and the wider wave of acquisitions and mergers in the industry. Mestel says Primary Wave owns rights linked to artists including Prince, Bob Marley, Stevie Nicks, Whitney Houston and James Brown, and is developing projects such as films, documentaries and immersive experiences. The interview also touches on the challenge of 150,000 songs being uploaded each day and the companies’ spending on music catalogues.
In short
- Primary Wave bought Kobalt in a deal reported above $1 billion.
- The companies bring established catalogues and current music publishing together.
- Their leaders discuss consolidation and the challenges of a fast-changing industry.
Explained simply
Music publishing concerns the rights to songs: the words and melodies, separate from a particular recording. Publishers help songwriters manage those rights, collect royalties when songs are used and find opportunities for their work.
Primary Wave is known for buying rights to established song catalogues and developing projects around them. Kobalt works with songwriters and administers music rights, including for people making music today. Larry Mestel leads Primary Wave, while Laurent Hubert leads Kobalt.
The deal reflects a broader shift towards consolidation in music publishing, where companies combine catalogues, services and expertise. These rights matter because songs can earn money through recordings, live performances, films and other uses, while the volume of new music makes it harder for songs to stand out.
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