Oct 12 (Reuters) - A consortium led by private equity giant
KKR & Co is nearing a deal to buy rights to music by pop
icons Lorde and The Weeknd for $1.1 billon, the Financial Times
reported on Tuesday, citing people familiar with the talks.
The investor group, which will take a majority stake, and
the family office of Stephen Hendel, a former Goldman Sachs
partner, are closing in on a deal to buy the catalogue from
music company Kobalt, whose roster of artists also includes Paul
McCartney and Stevie Nicks, the FT report said.
KKR declined to comment, while Kobalt did not immediately
respond to a Reuters request for comment.
The deal for the catalogue could be announced as soon as
this week, the report added.
This comes close on the heels of another major private
equity investment in the music industry when Blackstone Inc
partnered with an advisory firm owned by music executive
Merck Mercuriadis to buy music rights and record songs. (https://reut.rs/2YKtOZp)
As part of the partnership, Blackstone said on Tuesday it
would deploy around $1 billion and also take an ownership stake
in Hipgnosis Song Management, an adviser to the London-listed
music catalogues investor Hipgnosis Songs Fund.
(Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)