Francisco Partners, a private equity firm, agreed to acquire a majority stake in Kobalt, an operator of an independent music services company focused on offering an alternative to the traditional music business model. MUSIC and Dundee Partners are also investing in Kobalt. Financial terms were not disclosed. "Kobalt has been an agent of change and innovator for the past 20 years, and as a result, we have built an extraordinary brand and creative destination for the best creators in the world. We look forward to working with Francisco Partners to embark on Kobalt's next innovation chapter. The combination of FP's expertise in technology and our deep understanding of the music industry will ensure that Kobalt expands its reach and impact as a global music publisher. Our mission of being a positive transformative force for the benefit of all creators continues," Laurent Hubert, Kobalt CEO.