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Media company Entertainment One (eOne), acquired Audio Network, a British music licensing service and publisher of film, TV, advertising, and digital content, for a about $215 million in cash and stock.
The merger will add more than 150,000 music tracks to Toronto-based Entertainment One’s existing music catalog and 1,000 composers, songwriters and emerging artists to its talent roster.
Audio Network’s top management, including founder and Chairman Andrew Sunnucks and Chief Executive Robb Smith, will remain with the company. Audio Network has nine offices offering traditional record label services to film, TV and other media.
Audio Network generates revenue from subscription fees for access to its catalog and publishing royalties.
The combination of eOne’s front-end commercial artist catalog and Audio Network’s extensive production music library creates “a one-stop solution for business customers seeking high-quality music,” eOne CEO Darren Throop, said in a statement.
In addition to its music catalog, eOne’s business also includes television, a family programming unit, a partnership in Steven Spielberg’s Amblin Partners and similar relationships with other production companies. Upcoming features include Scary Stories to Tell in the Dark and Diane Keaton’s new movie Poms.
Frances Katz is a freelance writer focusing on media, culture and technology. Her work has appeared in The Atlantic, The Week, The Washington Post, USA Today and other publications. She lives in Atlanta.