We are excited to share the news that Kobalt Music today announced it has raised $75 million in growth capital. The Series D round was led by Hearst Entertainment, and we are delighted to participate alongside MSD Capital.
We initially invested in Kobalt in 2008, and the progress the company has made is outstanding. Willard and the Kobalt team have scaled the company to become a global industry leader. They have transformed the way the music industry thinks about royalty collections and the level of service available to all rights-holders. We look forward to continuing to work with Willard, and are delighted that Hearst has joined the team.