Tribune buys music data service from Sony for $170 mn

The Sony headquarters building in Tokyo on May 9, 2013
The Sony headquarters building in Tokyo on May 9, 2013

US media company Tribune plans to acquire Gracenote, a giant in music data, for $170 million from media giant Sony, the companies announced Monday.

Gracenote is a leader in "metadata" enabling online music services, as well as smartphones and tablets, to recognize and describe musical works.

"Gracenote is the industry standard for music recognition technology and its database gets 550 million look-ups each day and more than 16 billion every month, making it the most trafficked music data source on the planet," said Tribune in a statement.

Tribune plans to combine Gracenote with its Tribune Media Services, which provides television and movie metadata.

Sony said it expects the sale to close prior to March 31, 2014, subject to regulatory approvals.

Sony had announced its acquisition of Gracenote in 2008. Sony Monday estimated that the company would book a gain of about $60 million when the sale is complete.

© 2013 AFP

Citation: Tribune buys music data service from Sony for $170 mn (2013, December 23) retrieved 24 July 2024 from https://phys.org/news/2013-12-tribune-music-sony-mn.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Sony targets $250M in cuts to movie studio

0 shares

Feedback to editors