Private equity firm Francisco Partners has agreed to sell music publisher Kobalt to Primary Wave Music in a deal backed by Brookfield. No financial terms were disclosed for the transaction, which encompasses Kobalt's worldwide operations, catalog of owned copyrights, and Amra, its digital collection operation. The sale represents Francisco's exit from the music publishing sector after building Kobalt's technology and global footprint.

Kobalt, with operations in New York and London, manages over 700,000 songs by major artists including Stevie Nicks, The Foo Fighters, and Paul McCartney. The company has established itself as a leading independent publisher with industry-leading technology. Laurent Hubert will continue to lead Kobalt, and the existing management team will remain intact following the sale.

When the deal closes in the third quarter of 2026, Kobalt founder Willard Ahdritz will step down as chairman. Francisco Partners' Mario Razzini expressed satisfaction with the partnership, noting the shared commitment to innovation and independent creators. Goldman Sachs served as financial advisor for the transaction that positions Primary Wave to capitalize on Kobalt's established market presence.