Allegro Media Group closed on its acquisition of Mood Media Entertainment's retail point-of-purchase assets, including 1,600 master recordings, by paying $2 million, according to the two companies.
Mood Media acquired the Somerset Entertainment label in November 2009; it issues albums from its own roster as well as licensing titles from the majors; its top five sellers are albums from Jim Brickman, Robin Meade, Nick Lachey, Jaci Velasquez and Jewel.
As part of the deal Allegro will own and take over the operation of the Somerset in-store listening stations, which according to Allegro chairman and CEO Joe Micallef, are in eight of the top ten U.S. retailers and 50 of the top 70, many of whose only representation in music is its Somerset inventory.
In order to close the acquisition, Allegro formed a legal entity dubbed the Somerset Group, named after the Somerset Entertainment label, which is why the company announcement says that Somerset bought Mood Media Entertainment's retail point-of-purchase announcement. Mood Media continues to operate its in-store music service, which includes the former Muzak and DMX businesses, for its retail customers.