Primary Wave Strikes Deal to Acquire Kobalt Music Group

Primary Wave Music is set to acquire Kobalt Music Group in a deal that will create a combined music company valued at approximately US$7 billion, marking one of the most significant transactions in the independent publishing sector.

Per Variety, the New York-based publisher has struck an agreement with Kobalt’s majority owner, private equity firm Francisco Partners, to take control of the company, which has built one of the world’s largest independent publishing and administration platforms. News of the deal was first reported last month by Billboard.

While discussions are ongoing and not yet finalised, sources suggested to Variety that it is worth around US$1.5 billion.

The acquisition will see Primary Wave integrate Kobalt’s global publishing infrastructure into its business, bringing royalty collection and administration capabilities in-house for the first time. Kobalt’s services platform - which manages more than one million songs globally - alongside its digital collection society AMRA, will form a central part of the combined entity.

The deal significantly expands Primary Wave's footprint beyond catalogue acquisition and artist partnerships, positioning the company as a fully integrated publishing and rights management player.

“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 and Founder of Primary Wave Music.

“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."

The agreement will see Kobalt, under the continued leadership of Hubert and its current management team, remain a separate, stand-alone entity. The transaction is subject to customary closing conditions and is expected to close in Q3 2026.