Primary Wave to Acquire Kobalt for $1.5 Billion

Primary Wave Hits High Note with $1.5 Billion Kobalt Acquisition

Backed by Brookfield, Primary Wave picks up the independent publisher and its tech platform AMRA in a deal set to close by late 2026.

Marcus J. Delany

Mar 23, 2026, 12:22 PM PT · 1 min read

THE RUNDOWN

Primary Wave Music agrees to acquire Kobalt for over $1.5 billion.
Strategic partner Brookfield provided the necessary investment for the deal.
The acquisition includes Kobalt’s global operations and digital society AMRA.
Kobalt will maintain independent operations under its current leadership team.
The transaction is scheduled to officially close in Q3 2026.

Primary Wave Music is turning up the volume on its massive portfolio. The company officially announced a definitive agreement to acquire Kobalt, the powerhouse independent music publisher and technology platform. This landmark deal is fueled by a strategic investment from Brookfield and is valued at over $1.5 billion.

The acquisition covers Kobalt’s entire global operation, including its extensive library of copyrights and its digital collection society, AMRA. According to reports from Music Business Worldwide, this price tag represents a significant increase from the valuation seen during Kobalt's previous acquisition by Francisco Partners in 2022. The deal highlights the surging value of music rights in the current market.

Despite the change in ownership, Kobalt is set to continue operating independently under its current leadership team. The transaction is expected to officially close in Q3 2026. This move solidifies Primary Wave Music as a dominant force in the industry, combining their marketing expertise with Kobalt's innovative royalty tech.