KOBALT MUSIC GROUP IS RAISING THE BIGGEST INVESTMENT ROUND IN ITS HISTORY
The world’s investment banks may be salivating over the prospect of Vivendi selling a stake in Universal Music Group – but that’s not the only major financial story about to hit the global music industry. MBW has today verified that Kobalt Music Group (KMG) is in the process of raising the largest funding round in its history. The raise is taking place at KMG – which owns Kobalt Music Publishing, Kobalt Neighbouring Rights, recorded music operation AWAL and collection society AMRA. It is separate to Kobalt Capital, which is an acquisitive fund managed by KMG. Kobalt is now talking to investment banks to pull together the funding, MBW’s sources tell us. Kobalt’s largest raise to date came in 2017, when it absorbed $89m across two investment rounds – one for $75m led by Hearst Entertainment and a further $14m from Section 32, the US-based venture capital fund created by Bill Maris, who was formerly head of Google Ventures. Operation Red Sea (Origina...