One Media IP Group PLC on Tuesday said that it bought the licensor’s income share of the Entertain ME catalogue for an undisclosed sum.
One Media IP shares jumped 18% to 6.49 pence on Tuesday afternoon in London.
The digital music rights acquirer, publisher and distributor said the purchase of rights is on an in-perpetuity basis.
One Media said the transaction is a ‘material’ acquisition completed at an ‘advantage earnings multiple’, and is immediately income accretive. It will enhance both revenue and portfolio net asset value. The catalogue includes tracks from a ‘wide range of high profile and enduring artists’ including Dean Martin, The Drifters, Don Williams, Gloria Gaynor, James Brown, and Judy Garland. It is funded from existing cash reserves.
Chief Executive Officer Michael Infante said the buy ‘allows us to strategically consolidate certain income streams where we also have a portfolio exposure to some of the tracks in the Entertain Me catalogue. It also adds a proven new revenue source at an attractive multiple.’
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