(Hypebot) — Primary Wave Music has landed a $375 million investment from Oaktree Capital Management.
Oaktree will now own a minority interest in the leading independent music publishing company which owns or controls the song catalogs of Prince, Whitney Houston, Bob Marley, Stevie Nicks, Smokey Robinson, The Four Seasons, Olivia Newton-John, Ray Charles, Burt Bacharach, and others.
With this deal Primary Wave manages $1.5 billion in cash and assets.
“The Primary Wave team is honored to have such a respected financial institution and the talented team supporting our efforts. 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,” explains Larry Mestel, Founder & CEO of Primary Wave. “This is an exciting new chapter for the entire company as we continue to grow and evolve our business.”
“I’ve long admired the business model and success that Larry has built for Primary Wave and saw this Partnership as a unique opportunity to diversify our investment portfolio in a growing and uncorrelated asset class,” states Bruce Karsh, Co-Chairman and Chief Investment Officer of Oaktree Capital. “As a true music lover myself, I’m dedicated to the company’s growth and future success.”