EXCLUSIVE: Cutting Edge has acquired a significant stake in Dean Devlin’s Electric Entertainment’s music library in what is said to be a seven-figure deal which closed while execs were attending the Los Cabos International Film Festival in Mexico. With the co-ownership agreement, comes a strategic alliance between Cutting Edge and Electric who will work together to monetize the library of music around the world and to build a future business. That includes over over 130 hours of television programming and includes the scores from the hit television shows Leverage and The Librarians.
Cutting Edge, which is a leader in delivering and promoting music in different media platforms, will administer and exploit the library by utilizing their worldwide sync teams and partnership with Kobalt Music, and release the soundtracks through their sister company, Varese Sarabande.
The deal also incorporates future productions by Electric where Cutting Edge will partner and jointly own the music rights to push out around the world.
“Cutting Edge presented a model that works within our business structure, which we believe will enhance the value of the current music library and provide the expertise and experience for the
best possible music and score on our future television and film productions,” said Electric’s Chairman and CEO Dean Devlin in a statement to Deadline.
Cutting Edge is best known in the business for investments into single pictures and slate deals with companies like Cross Creek Pictures and Thunder Road. The company owns the music in more than 400 films and television shows.
Electric is in post-production on its third season of The Librarians for TNT. The company is also in pre-production on the feature thriller Bad Samaritan which was helmed by Devlin. Electric is also currently selling international rights to Brad Silberling’s thriller An Ordinary Man which stars Ben Kingsley as well as the PBS drama series Mercy Street executive produced by Ridley Scott.
And finally, the company (which recently created domestic distribution division) will release the Tribeca Film Festival title The Book of Love in early 2017. The film stars Jason Sudeikis, Jessica Biel and Maisie Williams. It most recently released the thriller Blackway which starred Anthony Hopkins, Julia Stiles and Ray Liotta.
The deal was brokered by Jeff Gonzalez and Craig Gates on behalf of Electric and James Gibb and Phil Hope on behalf of Cutting Edge.