SOCAN has sold digital reproduction rights firm Audiam to SESAC after a short-lived acquisition spree under a previous regime.
No financials were disclosed, even as the firm was presumably acquired with member funds. The Canadian PRO retains an undisclosed percentage, and no gross or net figures for Audiam are publicly available.
SOCAN CEO, Jennifer Brown, said, “SOCAN is delighted to complete this agreement with SESAC. Since our acquisition of Audiam in 2016, the organization has exceeded expectations, but the time is right for Audiam to continue its next phase with a new parent organization. We look forward to seeing this new chapter for Audiam as the organization benefits from new synergy with SESAC.”
SESAC Chairman and CEO John Josephson said, “SESAC is acquiring Audiam with the intention of supporting the existing management team, and to act as a supportive strategic partner and capital provider. We anticipate a seamless transition in ownership with no disruption to the Audiam business activities as a result of this transaction. Going forward, we believe this will position SESAC well for enhanced growth of our multi-rights, multi-territory global rights management business and continued delivery of best-in-class service to our affiliates, licensees and commercial partners.”