It hardly came as a surprise, but Kobalt’s second giant catalog sale in less than a year made headlines on Tuesday morning when the company announced that KKR, together with its co-investor, Dundee Partners, purchased the KMR Music Royalties II portfolio for a whopping $1.1 billion — even more than the billion the company was said to be seeking.
Song catalogs are worth more than ever now and many people think they will continue to gain value. So why sell now?: We had a number of incoming calls about the assets we owned, we talked to our investors, they wanted to explore what it could mean for them, and we selected one partner — so it was driven by the market. Kobalt will continue to administrate those [songs] and we will continue to buy copyrights where we see that it is a good fit.
Lots of companies have adapted aspects of your business model. What differentiates Kobalt from other publishers now?: Frankly our mission is to remove all the friction in the collection ecosystem, and we’re doing this because we believe in it. Others are doing it because they are reacting to competitive pressure — that’s a fundamental distinction. We haven’t stopped and there’s many more things we need to do.
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