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Primary Wave in Talks to Potentially Acquire Kobalt Music Group

Primary Wave is in advanced talks to acquire Kobalt Music Group, with a potential valuation north of $1.5 billion—roughly double the price paid by private‑equity owner Francisco Partners in 2022. The deal would merge Primary Wave’s $6 billion catalog portfolio with Kobalt’s publishing‑administration and AMRA royalty platform, creating a $7 billion‑plus independent music powerhouse. Kobalt’s revenue and EBITDA have surged, reporting $794 million in revenue and about $100 million EBITDA for the year ending June 2024. Francisco Partners, which holds a 90% stake, could exit far earlier than its typical five‑to‑seven‑year private‑equity horizon.