From the Supreme Court’s Cox ruling to Primary Wave’s Kobalt deal… it’s MBW’s weekly round-up

This week, Primary Wave Music announced a definitive agreement to acquire Kobalt from Francisco Partners.

Meanwhile, the US Supreme Court unanimously sided with internet service provider Cox Communications in a landmark music piracy case brought by the major record labels.

Elsewhere, Domain Capital Group closed $768 million in equity commitments for its second entertainment fund.

Also this week, BMG revealed its annual revenues dipped to €900 million in 2025, but the Bertelsmann-owned company hit a record EBITDA margin of 32%. BMG‘s catalog investment topped $400 million for the year.

And Firebird entered into a strategic partnership with UK-based artist management company Goodlife Management, the home of Fred again.., The Blessed Madonna, Ki/Ki, and ¥ØU$UK€ ¥UK1MAT$U, among others.

Here are some of the biggest headlines from the past few days…

1. PRIMARY WAVE MUSIC TO ACQUIRE KOBALT FROM FRANCISCO PARTNERS

Primary Wave Music has announced a definitive agreement to acquire Kobalt, which it describes as “one of the world’s premier independent music publishing and technology platforms.”

The transaction includes an investment from Brookfield, a strategic partner to Primary Wave.

According to the companies, the “deal creates a scaled, independent alternative to traditional publishing models, highlighting Kobalt’s best-in-class royalty platform, amra’s global digital collection vehicle, and Primary Wave’s proven ability to grow the value of legendary music IP through creative marketing and other initiatives…” (MBW)

2. US SUPREME COURT SIDES WITH COX COMMUNICATIONS IN LANDMARK MUSIC PIRACY CASE BROUGHT BY RECORD LABELS

The US Supreme Court has ruled that internet service provider Cox Communications cannot be held responsible for music piracy committed by its subscribers, ending a landmark copyright case in which the major record companies had won a $1 billion jury verdict.

The unanimous decision was handed down on Wednesday (March 25).

Justice Clarence Thomas, writing for the Court, said that Cox “neither induced its users’ infringement nor provided a service tailored to infringement.”

Commenting on the decision, Mitch Glazier, RIAA Chairman and CEO, said: “We are disappointed in the Court’s decision vacating a jury’s determination that Cox Communications contributed to mass scale copyright infringement, based on overwhelming evidence that the company knowingly facilitated theft…” (MBW)

3. AFTER TEAMING UP WITH SONY MUSIC PUBLISHING TO ACQUIRE MIRANDA LAMBERT CATALOG, DOMAIN CAPITAL CLOSES $768M ENTERTAINMENT FUND

Domain Capital Group has closed $768 million in equity commitments for its second entertainment fund.

The Atlanta-based private investment management firm said Domain Entertainment Fund II focuses on investments in film libraries, television participation and music catalogs, with additional allocations for literary works, theatrical productions and sports.

The firm added that Fund II includes investments with notable partners including Paramount Pictures and Sony Music Publishing, and features titles and artists including Sonic 3, Friends, The Matrix Trilogy, Miranda Lambert and Thomas Rhett… (MBW)

4. BMG REVENUE DIPPED TO €900M IN 2025 BUT EBITDA MARGIN HIT RECORD 32% – AS CATALOG INVESTMENT TOPPED $400M

BMG generated EUR €900 million (USD $1.02bn) in annual revenues in 2025, down 6.5% YoY on a reported basis, or down 1.5% YoY on an organic basis.

That’s according to a new set of annual fiscal results from the music company’s parent, Bertelsmann, published on March 26.

The revenue decline was largely a deliberate consequence of BMG’s own strategic choices – most notably the divestment of non-core businesses in its Live segment, combined with unfavorable foreign exchange movements driven by the weaker US dollar.

BMG’s annual adjusted operating EBITDA reached an all-time high of EUR €284 million ($321m), up 7.2% YoY compared to the prior year’s record equivalent of €265 million… (MBW)

5. FIREBIRD ACQUIRES MAJORITY STAKE IN GOODLIFE MANAGEMENT, THE HOME OF FRED AGAIN.., THE BLESSED MADONNA, AND MORE

Firebird has entered into a strategic partnership with UK-based artist management company Goodlife Management, the home of Fred again.., The Blessed Madonna, Ki/Ki, and ¥ØU$UK€ ¥UK1MAT$U, among others.

MBW understands that Firebird has acquired a majority stake in the company.

The deal brings Goodlife founders Oliver Sasse, Lucy Sasse, Ellie Shaw, and David Watters — along with their “dynamic team” and talent roster — into Firebird’s expanding ecosystem of management companies, which already includes Mick Management (US/UK), Red Light Management (US/UK), JET Management (US), Hills Artists (US), and Special Projects (UK).

Firebird said the new partnership “significantly bolsters” its presence in the electronic music landscape… (MBW)