Overview
- Primary Wave and Kobalt announced a definitive acquisition agreement Monday, with Kobalt set to continue operating separately under CEO Laurent Hubert.
- The companies expect to close in the third quarter of 2026, when founder Willard Ahdritz plans to step down as chairman.
- The transaction includes a new investment from Brookfield, and Goldman Sachs & Co. LLC served as financial advisor.
- Financial terms were not disclosed, with outside reports ranging from a $1.5 billion estimate for Kobalt to a roughly $7 billion combined valuation.
- The tie-up pairs Primary Wave’s catalog marketing engine with Kobalt’s tech-led publishing administration and AMRA, its global digital royalty collection arm, signaling a bigger role for scaled independents.