Entertainment One has entered into an agreement to acquire UK-based production music company Audio Network for $215 million (£164m).
Audio Network is one of the world’s largest independent creators and publishers of original music for use in film, television, advertising and digital media.
The announcement was made by eOne’s president and CEO Darren Throop and global president, music, Chris Taylor, along with Audio Network’s founder & chairman Andrew Sunnucks and CEO Robb Smith.
Audio Network has nine offices around the world and relationships with more than 1,000 composers, singer-songwriters and emerging commercial artists. The deal will enable them to now benefit from eOne’s traditional record label services and film, television and brand capabilities.
It also creates opportunities for eOne commercial artists through sync placements.
“As we continue to unlock the power and value of creativity for artists, we are very pleased to welcome Audio Network, whose passionate management team and ambition align entirely with ours,” said Throop. “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.
“Andrew, Robb and their brilliant team with decades of industry experience have built an unparalleled global sync company and eOne’s capabilities across music will be significantly bolstered by Audio Network’s impressive scale and roster of artists, composers and catalogue,” added Taylor. “We are looking forward to working alongside them through their next phase of growth.”
In addition to their catalogue of over 150,000 fully-owned tracks, Audio Network has increased the number of new album releases.
“Our relationships with artists and composers have been at the heart of our business from the very start,” said Sunnucks. “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.”
“Their platform-agnostic content strategy, combined with an alignment of culture, values and vision for the future of the business, make eOne an ideal partner for our teams around the world,” added Smith. “This is going to be game-changing.”
Following the transaction, Sunnucks will continue as chairman, and the existing executive management team under Smith will remain in place.