KKR, Dundee Partners purchase copyrights to more than 62,000 recordings

KKR and Dundee Partners have purchased the KMR Music Royalties II portfolio of music copyrights of more than 62,000 recordings from Kobalt Capital for about $1.1 billion.

Why it matters: Music catalogs have become a hot asset over the past year or so, with a number of high-profile artists selling for hundreds of millions of dollars, and investors like KKR amassing hefty collections.

The bottom line: "Private equity groups, specialist buyers such as Hipgnosis, and large music labels have battled for the catalogues of established artists, whose music has enjoyed a new lease on life thanks to streaming. The competition has lifted valuations, effectively doubling prices over the past decade as artists including Bob Dylan and Stevie Nicks cash in." — Financial Times