KKR buys Kobalt Capital's music rights portfolio in $1.1 bln deal

KKR buys Kobalt Capital's music rights portfolio in $1.1 bln deal

KKR buys Kobalt Capital's music rights portfolio in $1.1 bln deal

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

Oct 19 (Reuters) – Private equity giant KKR & Co (KKR.N) and former Goldman Sachs (GS.N) 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 deal will give KKR and Dundee Partners access to more than 62,000 copyrights by artists across pop, rock, hip hop, country and other genres, the companies said.

Kobalt Music serves 25,000 songwriters and 600 publishers, including Paul McCartney, Enrique Iglesias and Phoebe Bridgers.

The deal is yet another indication of increased interest from private equity groups in the music industry. Asset manager Blackstone Inc (BX.N) said last week it would invest $1 billion with an advisory firm to buy music rights and record songs as online streaming gains popularity and becomes more lucrative. read more

(This story corrects to remove extraneous words from paragraph 2)

Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.

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