Gracenote Acquired by Tribune for $170 Million27 Dec, 2013 By: Chris Tribbey
Music technology and metadata company Gracenote, a wholly-owned subsidiary of Sony Corp., has been bought by The Tribune Co. for $170 million, the companies announced.
Tribune will use Gracenote’s metadata for 180 million music tracks for its own Tribune Media Services (TMS), which provides TV and movie metadata. Gracenote’s database currently generates more than 16 billion look-ups per month.
“This transaction extends and complements TMS's best-in-class core competency in the metadata business, while also deepening Tribune's slate of subscription services,” said Peter Liguori, Tribune Co. president and CEO.
The transaction is expected to close in the first quarter of 2014.
“Given the breadth of the Tribune Co. and its commitment to revolutionizing digital media, I firmly believe that we have found the right home to grow our business and realize Gracenote’s long-term vision,” said Stephen White, president of Gracenote. “The marriage of these world-class music and video data platforms, from TMS and Gracenote, will help us reimagine how people discover and connect with music, movies and TV shows across all devices.”