SESAC, which bought Harry Fox in 2015 and was acquired by investment-management company Blackstone in 2017, announced the Audiam buyout in a brief release today. This release doesn’t disclose the transaction’s financial terms or ownership specifics, besides noting that “SOCAN will retain a minority share in Audiam.” Also worth mentioning is that SOCAN kicked off 2021 by offloading B2B digital-music platform MediaNet.
Source: SESAC Acquires Audiam, Drawing Criticism From Founder Jeff Price
UnitedMasters has announced two head-turning new finance tools for indie artists – thanks to partnerships the firm’s struck with a duo of potentially game-changing music tech companies. The first tool, launched in partnership with beatBread, enables UnitedMasters to offer qualifying artists advances ranging from $1,000 to $1 million.
Johansson’s battle with the Burbank entertainment giant — in which she argues she was cheated out of pay by Disney’s decision to sell the movie on Disney+ while it was in theaters — is the latest and most high-profile example of a debate that’s been boiling under the surface in the entertainment industry. Disney says her case has no merit.
Source: Forget ScarJo vs. Disney. Hollywood’s streaming fight is just beginning
New York-headquartered Reservoir Media has this week confirmed its latest fiscal results, revealing that its total revenues in the year to end of March 2021 stood at $81.1 million – up 28% year-on-year. In calendar Q2 (the three months to end of June), Reservoir generated $16.7 million, up 23% year-on-year.
The US-based DIY distribution platform confirmed today (August 16) that it has accepted an investment from Insight Partners which values it at $1.3 billion. Silversmith Capital Partners, a Boston-based growth equity firm that led DistroKid’s first outside investment in 2018, will retain “a meaningful ownership position” and remain on DistroKid’s board.
Source: DistroKid valued at $1.3 billion after funding from Twitter investor Insight Partners
China’s Tencent Music Entertainment is to adjust its business model after being hit with regulatory penalties and seeing its share tumble to record lows. It will downplay music streaming and control of exclusive content and instead emphasize related services such as karaoke and social entertainment.
Source: Tencent Music Changes Focus After Regulatory Slap, Profits Drop
In June, Ackman announced he’d use his SPAC to buy the UMG stake after nearly a year of searching for a target. After pushback from the SEC, which among other issues questioned whether the deal met the New York Stock Exchange’s listing requirements, he announced he would be purchasing a stake through his hedge fund instead of a SPAC.
Source: Bill Ackman’s SPAC slapped with lawsuit claiming company is illegal
The biggest trade publishers continue to get larger: Hachette Book Group has entered into a “binding commitment” to acquire one of the industry’s largest and most unique independent publishers, Workman Publishing. HBG is paying $240 million for Workman, which had sales of $134 million last year. The deal is expected to be completed by the end of September.
Source: Hachette Book Group Will Acquire Workman Publishing for $240 Million
TikTok’s crop of book lovers are boosting sales for Canada’s largest bookseller. In its second-quarter earnings report, Indigo Books and Music Inc. said In its second-quarter earnings report, Indigo Books and Music Inc. said that #BookTok is having a noticeable positive effect on demand, especially for older titles.
Source: #BookTok Is Boosting Sales For Brick-And-Mortar Bookstores – Tubefilter
Disney Plus rebounded in the second calendar quarter of the year, reeling in 12.4 million net new subscribers to stand at 116 million worldwide as of July 3 — beating analyst targets. Wall Street analysts on average had forecast Disney Plus subscribers coming in at 112.8 million for the period.
Source: Disney Plus Tops Expectations, Reaches 116 Million Subscribers