Primary Wave secures $1.7bn fund to buy more music rights


Is the music rights-buying market heading for a cooldown period? Not as long as investors are willing to pile money into it, perhaps.

Yesterday Primary Wave announced a $2bn partnership with investment firm Brookfield. The deal will see the latter buying a minority stake in Primary Wave while also committing $1.7bn to bolster the company’s acquisition efforts.

As it announced the deal, Primary Wave said that it has already completed more than $300m of acquisitions this year, and has another $600m of ‘pending transactions expected to be completed by year-end’. That’s where Brookfield’s money comes in.

Meanwhile, Primary Wave has also added a separate strategic partner, talent agency CAA, which will also take a minority stake in the company. Brookfield managing partner Angelo Rufino issued a bullish statement on the continued value his company sees in music rights, hailing “strong secular growth trends, scarcity value of assets and the continued penetration of music in new forms of content delivery”.

Written by: Stuart Dredge