Entertainment One (eOne) has confirmed a major acquisition.
The content company has purchased popular U.K. indie music production company, Audio Network, for $215 million.
Under terms the deal, the former company writes the move “locks eOne’s position as a leading end-to-end global independent music brand.”
Confirming the acquisition, Darren Thoop, eOne’s President and CEO, explained the company remains “very pleased to welcome Audio Network.”
“The combination eOne’s front-end commercial artist catalog and Audio Network’s extensive premium production music creates a one-stop solution for business customers seeking high-quality music.”
The purchase grants eOne complete ownership the British indie music creator, publisher, and licensor. Founded in 2001, Audio Network currently operates in nine countries – the U.S., U.K., France, Germany, Spain, Italy, Portugal, Australia, and Japan.
Audio Network has over 150,000 high-quality tracks across all genres, used primarily in TV, film, and advertising. The indie company represents over 1,000 artists, composers, and producers. Its clients span across TV, advertising, digital media, and enterprise industries.
eOne added both company’s rosters will ultimately “benefit from our] rich traditional record label services and extensive film, television, and brand capabilities.”
“‘The addition Audio Network further enriches our] integrated partner fering and full-scope capabilities, generating more monetization opportunities for commercial artists through relationship-based sync placements.”
Though now an eOne subsidiary, Robb Smith, the indie music company’s CEO, will continue to lead Audio Network. Founder and Andrew Sunnucks will serve as Chairman. The indie music company’s current executive management team will continue to report to Smith.
Celebrating the acquisition, Sunnucks added Audio Network’s “relationships with artists and composers have been at the heart our business from the very start.”
“In joining eOne, we’re becoming part an incredible global entertainment family, and will have the continued opportunity to create and record the world’s best music and share it globally.”
J.P. Morgan Chase Bank reportedly financed the transaction. Milbank LLP served as an advisor for eOne. Jefferies International advised Audio Network while Taylor Wessing provided legal counsel for the British indie music company.
Featured image by GFDL (CC by 2.0).