An investment fund advised and managed by Kobalt has acquired a significant portion of the Nettwerk Music Group publishing catalogue, including more than 18,000 songs developed and acquired by Nettwerk over the last 30 years.
As a subsequent component of the acquisition, Kobalt has also entered an exclusive administration agreement to administer Nettwerk’s retained publishing titles and all future publishing signings. The respective agreements include all territories under the songwriter agreements acquired by KMC.
Willard Ahdritz, Kobalt founder and CEO, stated: “I am excited that Kobalt will be servicing KMC's new acquisitions of Nettwerk copyrights with so many great writers and works in their catalogue. Terry has built a great company and I’m thrilled to welcome him and his team into the Kobalt family.”
Terry McBride, chairman and CEO of the Nettwerk Music Group added: "In a digital world where streaming has become the predominant way we consume music, it is important that our artists are partnered with the best technology company in the publishing space to see the full value of their creations. Kobalt simply is the best, and also the most transparent.
“We are very happy Kobalt will be the new home to Nettwerk's 30+ years of legacy, as well as our partners moving into the future."
Nettwerk has confirmed that it will continue to sign and invest in new artists and songwriters across its management, label and publishing businesses.