By Emmanuel Legrand
New York-based music company Primary Wave Music has inked a “strategic relationship” with funds managed by asset management firm Oaktree Capital Management, with the latter pledging to invest up to $375 million into Primary Wave Music in exchange for a minority interest in the music company.
Oaktree said that the investment will “help strengthen Primary Wave’s financial positioning as an asset manager of iconic music and this substantial funding will add to Primary Wave’s already formidable war chest for future catalog acquisitions.”
Primary Wave said that with Oaktree Capital Management's input, it will manage $1.5 billion in cash and assets. Bruce Karsh, Co-Chairman and Chief Investment Officer of Oaktree Capital, said he saw this partnership as "a unique opportunity to diversify our investment portfolio in a growing and uncorrelated asset class."
Added Larry Mestel, Founder & CEO of Primary Wave: “Bruce Karsh and I have had a working relationship for over 15 years and he has the unusual combination of business savvy and creative sensibility towards music. This is an exciting new chapter for the entire company as we continue to grow and evolve our business.”
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.