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Message: [QUOTE="Queen, post: 87672, member: 27"] A potential $1.5 billion buyout would hand Primary Wave its very first in-house publishing administration machine. Primary Wave eyes Kobalt Music Group [LIST] [*]Larry Mestel's outfit is the sole remaining bidder. [*]Kobalt's valuation could hit double its 2022 price tag. [*]Francisco Partners grabbed a 90% stake for $750 million. [*]FP apparently feels no rush to let Kobalt go. [/LIST] Kobalt's CEO pushes back on takeover buzz [LIST] [*]Laurent Hubert fired off an internal memo to staff. [*]His message stressed Kobalt staying independently operated. [*]Hubert pointed to strong platform performance under FP. [*]Market interest keeps circling the company regardless. [/LIST] Deal math gets wild at these numbers [LIST] [*]Primary Wave sits at roughly $6 billion in value. [*]The combined entity could top $7 billion easily. [*]Brookfield's $2 billion partnership fuels Mestel's buying power. [*]Goldman Sachs is reportedly advising on negotiations. [/LIST] Kobalt brings serious infrastructure to the table [LIST] [*]Over 1 million songs span 10 worldwide offices. [*]AMRA collects digital royalties directly from streaming platforms. [*]A Morgan Stanley venture deployed $700 million into catalogs. [*]KOSIGN targets indie artists needing royalty collection help. [/LIST] Primary Wave fills a glaring operational hole [LIST] [*]Mestel's firm historically leaned on third-party royalty administrators. [*]Expired admin deals have been funneling toward Universal lately. [*]Kobalt's platform would entirely flip that dependency. [*]AMRA's direct-collection model could fatten margins considerably. [/LIST] Kobalt's financials paint a growing picture [LIST] [*]Revenue jumped to $794.4 million from $522 million prior. [*]Adjusted EBITDA climbed to $75.3 million from $47.4 million. [*]Roughly $100 million in EBITDA under US accounting standards. [*]Next filings land at Companies House by March 2026. [/LIST] Indie mega-deals are stacking up globally [LIST] [*]BMG Rights Management reportedly wants to scoop up Concord. [*]That potential transaction could reach $7 billion in territory. [*]Bertelsmann's BMG would absorb another indie heavyweight. [*]Two massive consolidation plays are running simultaneously. [/LIST] [/QUOTE]

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