Bug Music has acquired Selectracks, a production studio with operations in Baltimore and Los Angeles, and a custom music service.
Terms of the deal were not disclosed, but the acquisition includes Selectrack’s production music catalog. Going forward, Selectrack will produce original music for a variety of Bug Music initiatives, including custom re-recordings of songs from the Bug/Windswept catalog. In addition, the music house will manage the Valentino Music libraries, which, according to the Bug Music Web site, consists of over 6,000 musical cues of all styles and genres as well as a full array of sound effects and spoken-word pieces.
Bug Music funded the acquisition out of its revolving credit facility. In September, the company announced that it had landed a $200 million credit facility from a consortium of banks led by J. P. Morgan.
“Our new relationship with Selectracks furthers our commitment to an overall growth strategy at Bug on being an innovative full service music publisher,” Bug Music John Rudolph said in a statement. “This partnership allows us to offer our artists and clients substantial creative opportunities from studio and production facilities through to digital retail release with one of our 60+ partners globally.”
In another move, Bug Music signed a new publishing agreement with indie-pop group “of Montreal,” extending their initial publishing agreement. As a result, Bug Music will continue to manage all current publishing interests for the band and main songwriting composer Kevin Barnes, although the duration of the deal was not disclosed.
The band’s latest Polyvinyl release, “Skeletal Lamping,” debuted at #38 on the Billboard 200, their highest chart position to date, and Top 5 on the Billboard Independent Album chart. Over the last decade, the Athens, Georgia-based indie-pop, neo-psychedelic group has released eight albums and had their music featured in recent ad campaigns for T-Mobile, NASDAQ and Outback Steakhouse. Currently on a U.S. tour, the band is also remixing the Maroon 5 track “A Little of Your Time” for an upcoming project.