eOne Acquires Audio Network's Lucrative Song Catalogue
Entertainment One has entered into an agreement to acquire 100% of the shares of UK-based Audio Network Limited for approximately US$215 million. The deal gives eOne full ownership of the independent music creator, publisher and licensor, which specializes in high-quality music for use in film, TV, advertising and digital media.
Audio Network operates in nine countries - the U.S., U.K., France, Germany, Spain, Italy, Portugal, Australia and Japan, and has a catalogue of 150,000 wholly owned music tracks represented by more than 1,000 composers, singer-songwriters and producers.
The announcement, made by eOne’s President and CEO Darren Throop, with Global President, Music Chris Taylor, and Audio Network’s Founder's Chairman Andrew Sunnucks and CEO Robb Smith, greatly enhances eOne's position as an end-to-end independent global music brand.
“As we continue to unlock the power and value of creativity for artists, we are very pleased to welcome Audio Network, whose passionate management team and ambition align entirely with ours," Throop said in a statement. "The combination of eOne’s front-end commercial artist catalogue and Audio Network’s extensive premium production music creates a one-stop solution for business customers seeking high-quality music,” Throop says of the acquisition. He added that the deal will "significantly bolster" eOne's music revenue streams.
Music division President Chris Taylor seconded Throop's analysis, stating that "Audio Network’s impressive scale and roster of artists, composers, and catalogue" will enhance both company's next phase of growth.
Audio Network’s founder and chairman Andrew Sunnucks and CEO Rob Smith will remain with the company alongside its existing executive management team. “In joining eOne, we are becoming part of an incredible global entertainment family and will have the continued opportunity to create and record the world’s best music and share it globally,” said Sunnucks. “Their platform-agnostic content strategy, combined with an alignment of culture, values, and vision for the future of the business, make eOne an ideal partner for our teams around the world.”
Entertainment One Ltd. is a global independent studio that specialises in the development, acquisition, production, financing, distribution, and sales of entertainment content and its diversified expertise spans across film, television and music production and sales; family programming, merchandising and licensing; digital content; and live entertainment.
The company's network includes international feature film distribution company Sierra/Affinity; Amblin Partners with DreamWorks Studios, Participant Media, and Reliance Entertainment; Makeready with Brad Weston; unscripted television production companies Whizz Kid Entertainment and Renegade 83; live entertainment leaders Round Room Entertainment; music labels Dualtone Music Group and Last Gang; and emerging content and technology studio Secret Location.