Kobalt have bought SONGS Music Publishing, responsible for The Weeknd, Lorde, Diplo and more, in a massive deal.
Publishing and music rights big dogs, Kobalt, have just bought a slightly less big dog, SONGS Music Publishing in a deal that gives them access to some of the world’s current superstars. Sources close to the deal say that Kobalt paid roughly $160 million for the acquisition.
Kobalt are already home to massive artists including Paul McCartney, Kelly Clarkson, Dave Grohl and many more. Now that list includes massive acts like The Weeknd, Diplo, Lorde and others with SONGS music catalogues joining the crew.
Variety report that the acquisition will also see SONGS president and co-founder Ron Perry will take place as chief executive at Columbia Records. Ron Perry will fill the empty position which was left by Rob Stringer in April when he was promoted CEO of their parent company Sony Music Entertainment.
SONGS co-founder Matt Pincus, said: “I met Willard [Ahdritz, Kobalt founder and CEO] when I first started SONGS in 2004. He was one of the first people to believe in our vision of a music publishing company providing revolutionary creative service to contemporary songwriters. Carianne Marshall, Ron Perry and I built SONGS with a forward-thinking stance, a fierce commitment to songwriters and their compensation, and a focus on long-term relationships.
“Songs is a truly independent company – 100% owned and operated by us since its inception. After many years of hard work and personal investment in the company, we decided that it was time for us to look for new horizons.”