The private equity giant KKR Co. bought a portfolio of song rights from Kobalt Capital for $1.1 billion to the fund for the latest music deal.
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KKR teamed up with Dundee Partners, the family office of former Goldman Sachs Group Inc. partner Stephen Hendel, to acquire KMR Music Royalties II portfolio, according to a statement released Tuesday night. The collection includes more than 62,000 copyrights across the music genres including pop, rock and country by artists and songwriters.
This transaction positions us with significant scale, which we continue to grow by providing flexible, creative capital to music rights owners, said Jenny Box, a KKR partner, in the statement. Across KKR, we are investing in innovative technology, media and entertainment businesses that connect fans with music in new ways. Music transactions became popular during the pandemic as artists who were unable to tour looked to raise cash. Earlier this year, KKR teamed up with a music company to acquire song rights and also took a majority interest in the OneRepublic catalogue. Earlier this month, Merck Mercuriadis announced it had teamed with Blackstone Inc. to invest up to $1 billion in buying music rights.
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