RCA Records has entered a long-term label deal with gospel artist Kirk Franklin to establish inspirational music imprint Fo Yo Soul Recordings. Franklin and the Fo Yo Soul team will sign and develop emerging inspirational music talent, as well as established performers, while RCA will provide marketing, promotion and distribution muscle. Franklin’s future recorded output will also be released on Fo Yo Soul. The first release under the new deal will be the debut album from gospel vocal quartet the Walls Group. Franklin has also secured the rights to release the debut from the next winner of BET’s gospel music-competition show, “Sunday Best,” which he has hosted and executive-produced for the last six seasons.
Cumulus Media will acquire Dial Global, one of the largest syndicators of radio programming. The acquisition, for which Cumulus paid $260 million, will add sports, news, music and programming services content, including the NFL, NCAA, NASCAR, AP Radio News and NBC News. Cumulus says the deal will allow it to provide a wider variety of options to approximately 10,000 U.S. radio stations, along with other media and international platforms. As part of the transaction, Cumulus will sell 53 stations in 12 small and midsize markets to Townsquare Media for $238 million and will swap 15 stations with Townsquare in these same markets for five in Fresno, Calif. Cumulus says that through these deals it has identified cost synergies of approximately $40 million and more revenue growth potential through new content vehicles.
Microsoft is buying Nokia’s lineup of smartphones and a portfolio of patents and services in an attempt to strengthen its fight with Apple and Google to capture a slice of the lucrative mobile computing market. The €5.4 billion ($7.2 billion) deal marks a major step in the company’s push to transform from a software maker focused on creating operating systems and applications for desktop and laptop computers into a more versatile and nimble company. Microsoft hopes to complete the deal early next year.