Less than five months after unveiling an over $700 million catalog partnership with Morgan Stanley, Kobalt says it’s increased its total “funding capacity” to north of $1 billion. New York-based Kobalt touted the deployable capital today, via a formal release. The more than $1 billion at hand refers specifically to the mentioned Morgan Stanley-powered tranche as well as a refinancing and a newly obtained $266.5 million from an asset-backed securitization.
Source: Kobalt Funding Tops $1B Following Refinancing, Royalty Securities
A forced sale of TikTok within 180 days, as House-passed legislation requires, would be one of the thorniest and most complicated transactions in corporate history, posing financial, technical and geopolitical challenges that experts said could render a sale impractical and increase the likelihood the app will be banned nationwide. A sale would require severing a company worth potentially $150 billion from its technical backbone while being the subject of legal challenges and resistance from China.
As a TikTok forced sale bill rides bipartisan support into a House vote, a possible bidder has emerged in former Activision CEO Bobby Kotick. Word of Kotick’s rumored interest in scooping up TikTok’s stateside operation entered the media spotlight in a Wall Street Journal report. But at the time of this writing, neither the exec nor ByteDance seemed to have commented publicly on the matter.
