KKR and Dundee Partners have purchased the KMR Music Royalties II portfolio of music copyrights of more than 62,000 recordings from Kobalt Capital for about $1.1 billion.
Why it matters: Music catalogs have become a hot asset over the past year or so, with a number of high-profile artists selling for hundreds of millions of dollars, and investors like KKR amassing hefty collections.
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The bottom line: "Private equity groups, specialist buyers such as Hipgnosis, and large music labels have battled for the catalogues of established artists, whose music has enjoyed a new lease on life thanks to streaming. The competition has lifted valuations, effectively doubling prices over the past decade as artists including Bob Dylan and Stevie Nicks cash in." — Financial Times
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