Independent music publisher Primary Wave has acquired fellow independent industry peer Kobalt, Deadline and Variety report.
Deadline notes that Kobalt accounts for approximately 35% of the top songs and albums annually in the US and UK, and hosts a roster of big-name artists and producers, including Roddy Ricch, Max Martin, Paul McCartney, Foo Fighters, Andrew Watt, Phoebe Bridgers, Karol G, The Lumineers, and others. The value of Kobalt’s publishing rights is an estimated $1.5 billion.
Meanwhile, Primary Wave is home to clients such as Bob Marley, Prince, Stevie Nicks, James Brown, The Doors, and more.
The acquisition will find Kobalt operating under the continued leadership of Laurent Hubert and its current management team, which will remain as a “separate, stand-alone entity,” per Variety. The deal will also encompass Kobalt’s worldwide operations, catalogue of owned copyrights, and its digital collection operation. The deal is expected to be finalised in Q3 2026.
Primary Wave’s CEO and Founder, Larry Mestel, said he’s always been impressed by the “remarkable team” and “extraordinary growth” of Kobalt.
“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,” Mestel said.
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He continued, “This acquisition will only enhance his efforts to provide creators individualized [sic] attention and specialized [sic] support at every stage of their journey and to provide a very significant amount of capital to Kobalt for continued growth.”
Kobalt CEO Laurent Hubert added that Primary Wave “understands” the company’s vision, so they’re “incredibly excited” for their next chapter alongside them.
“Primary Wave understands our vision of independence and the importance of our ‘creator first’ mindset driven by service, technology, and creativity,” Hubert said. “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.”
Hubert continued, “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.”
When the deal is finalised, Kobalt Founder Willard Ahdritz will step down as Chairman of the board, saying that he feels “confident” about the future of “the business, its people, and its mission.”
“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,” Ahdritz commented. “We succeeded, empowering songwriters and creators to retain their rights, and helping establish music royalties as a recognized [sic] asset class along the way.”
He continued, “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, 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.”
