In the second half of October, KKR – via its new Chord Music venture – acquired a large portfolio of rights from Kobalt for $1.1 billion. Now, KKR Credit Advisors is using a catalog of 65,000 songs – including hits from The Weeknd, Stevie Nicks, and Childish Gambino – to sell more than $732 million of asset-backed securities supported by publishing and sound recording royalties.
Source: KKR bought a music catalog from Kobalt for $1.1bn. Now it’s turning it into bonds.