# Primary Wave’s portfolio, which includes stakes in the catalogs of Prince, Whitney Houston, Bob Marley and recently Britney Spears, is worth nearly $6 billion.

*business · news · 2026-02-26 · Billboard*

## Key points

- Primary Wave is nearing a deal to acquire Kobalt Music Group for over $1.5 billion.
- If completed, the acquisition would give Primary Wave its first in-house publishing administration platform and AMRA.
- Kobalt's joint venture with Morgan Stanley has acquired rights to catalogs like *NSYNC and AJR since 2022.
- Kobalt's recent financials show a $30.24 million loss in 2024 chiefly due to doubled administrative costs.
- Kobalt's joint venture acquisitions are highly leveraged and are kept off the company's consolidated balance sheet.

**Companies:** Kobalt Music Group, Primary Wave, Francisco Partners, Morgan Stanley, Goldman Sachs, Dundee Partners
**Countries:** United States, United Kingdom

[Read the full story on Billboard](https://www.billboard.com/pro/primary-wave-kobalt-acquisition-deal-value/)

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