Entertainment One Acquires U.K.-Based Audio Network for $215 Million
Indie studio Entertainment One has signed a deal to acquire U.K.-based Audio Network, a creator and publisher of music for film, TV and other entertainment content, for around $215 million in cash and stock.
The transaction, which will see Audio Network's management, led by founder and chairman Andrew Sunnucks and CEO Robb Smith, remain with the company, will add around 150,000 music tracks across all genres to eOne's existing catalog and over 1,000 composers, singer-songwriters and emerging artists to its talent roster.
Audio Network does business from music licensing, much of which comes from annual subscription-based revenue and publishing royalties.
"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," eOne CEO Darren Throop said in a statement.
Toronto-based eOne said that absorbing Audio Network "is expected to create scale, synergies and revenue opportunities" across the film, TV and music studio.
Audio Network will operate under the umbrella of eOne's music business, which is led by president Chris Taylor.
"Our relationships with artists and composers have been at the heart of our business from the very start. 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 in his own statement.
Away from music, eOne is prioritizing its business around Designated Survivor producer Mark Gordon and eOne Television; the family unit, driven by its Peppa Pig and PJ Masks franchises; international sales and production operation Sierra/Affinity; partnership in Amblin Partners with Steven Spielberg, Participant Media and Reliance Entertainment; and Brad Weston's film and TV producer Makeready.
Its upcoming slate includes Scary Stories to Tell in the Dark and the Diane Keaton starrer Poms.
This article was originally published by The Hollywood Reporter.