TORONTO (CelebrityAccess) – Entertainment One has acquired U.K.-based film and TV music licensee, Audio Network, for a reported $215 million in cash and stock, according to The Hollywood Reporter.
The deal will see Audio Network adding approximately 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’s management team, which is led by founder and chairman Andrew Sunnucks and CEO Robb Smith, will remain with the company.
Commenting on the acquisition, eOne CEO Darren Throop said in a statement: “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.”
Added Sunnucks in a statement: “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.”
Toronto-based eOne, which is led by president Chris Taylor, is reportedly expecting the acquisition to help “create scale, synergies and revenue opportunities” across its film, TV and music studio.