NEW YORK (CelebrityAccess) — Tribune Media has unveiled a deal to sell Gracenote, it's entertainment data division to consumer data analytics company Nielsen for $560 million.
The deal includes Gracenote's data and technology, but Tribune will hold on to two of Gracenote's web properties: Covers.com and ProSportsDaily.com.
The transaction is expected to close in the first quarter of 2017. The transaction is expected to be financed through a combination of cash and debt but the full terms of the agreement were not discloed. Nielsen was advised on the transaction by PJT Partners and worked with Baker & McKenzie as legal advisors.
Gracenote provides reference information for over 12 million movie and television listings and 200 million music tracks, and is integral to most major streaming music services user interfaces as well as the on-board entertainment system of more than 75 million cars.
"Gracenote's metadata and content recognition technology fuels the interfaces of the major video, music and in-car infotainment systems that consumers engage with every day. This acquisition provides Nielsen with a significant asset in our mission of measuring and understanding consumer behavior," said Karthik Rao, President, Expanded Verticals at Nielsen.
The deal is would appear to be a significant windfall for Tribune, which picked up Gracenote from Sony in 2014 for $170 million. – Staff Writers