Primary Wave received a $ 375 million investment from asset management firm Oaktree Capital Management (OAK on the NYSE), in addition to finalizing a global distribution deal with Virgin / Capitol.
New York-based Primary Wave and Los Angeles-based Oaktree Capital Management today unveiled their multi-million dollar deal. The transaction will see Oaktree – which in May 2020 funded the bulk of a $ 260 million loan to Endeavor, according to reports – take a minority stake in the 15-year-old publishing company, with a new total of approximately $ 1.5 billion in capital and assets. edited by Primary Wave.
Additionally, the entity is set to fund further catalog acquisitions, after spending $ 100 million to acquire a controlling stake in the publishing catalog of longtime Fleetwood singer and songwriter Mac Stevie Nicks in December. . (Mick Fleetwood sold his recorded catalog of 300 tracks to BMG in January 2021, the same month Lindsey Buckingham signed a deal with Hipgnosis.)
Addressing his company’s substantial investment, Oaktree Managing Director and Co-Head of North America Brian Laibow said in part: “The number of legendary music catalogs that Primary Wave has acquired in their 15 years of activity is quite impressive and we are proud to be aligned with Larry. [Primary Wave founder and CEO Lawrence Mestel] and his team for this next chapter.
Additionally, it was announced today that Primary Wave – which acquired the intellectual property of longtime Rihanna collaborators Carl Sturken and Evan Rogers last month – has signed a global distribution agreement with Virgin Music Label & Artist Services. of UMG (a division of Capitol).
The arrangement covers the Masters of Primary Wave and “covers all physical and digital distribution channels,” with particular emphasis on the releases of Primary Wave’s strategic partner, Gaither Group (an independent Christian music company and owner of Gaither Music , Green Hill Music and Emerald Wave) as well as the legendary Sun Records catalog.
In turn, the labels of Primary Wave and The Gaither Group (which partnered with the former in 2019) will be able to “draw on Virgin’s extensive label services for business support, radio promotion and more”, the statement said, with the overall objective of amplifying the global reach and resources available for said labels.
Earlier this week, publishers such as Downtown, Reservoir, and Kobalt (but not Primary Wave) filed a copyright infringement lawsuit against Roblox, accusing the platform’s developers of profiting and encouraging downloads. of unauthorized songs from players, in addition to not banning repeated counterfeiters from the digital world. However, Roblox superiors quickly rebuffed the claims in a statement.