The Designated Survivor studio, which owns the rights to the Death Row Records catalogue, has bought 100% of the UK-based firm. The deal was announced by eOne’s President and CEO Darren Throop and Global President, Music Chris Taylor alongside Audio Network’s Founder & Chairman Andrew Sunnucks and CEO Robb Smith.
The deal bolsters eOne’s position in music and gives it access to Audio Network’s relationship with more than 1,000 composers, singer songwriters and artists.
Audio Networks, which operates a number of teams across the world, will become one of eOne’s music companies but will continue to operate its existing brand. Following the deal, Sunnucks will continue to play a significant role at Audio Network, in the capacity of Chairman, and the existing executive management team under Smith will remain in place.
eOne also owns the likes of The Lumineers label Dualtone Music Group, which specializes in Americana and indie rock and Crystal Castles label Last Gang Records.
The deal was helped alongside by Rebecca Bothamley and Robert Hamill at Mayer Brown with support from Osler, Hoskin & Harcourt. J.P. Morgan Chase Bank provided financing for the transaction and Milbank advised eOne on the financing. Audio Network was advised by Jefferies International on the transaction with Taylor Wessing providing legal counsel.
“As we continue to unlock the power and value of creativity for artists, we are very pleased to welcome Audio Network, whose passionate management team and ambition align entirely with ours. The combination of eOne’s front-end commercial artist catalogue and Audio Network’s extensive premium production music creates a one-stop solution for business customers seeking high-quality music,” said Throop. “Andrew, Robb and their brilliant team with decades of industry experience have built an unparalleled global sync company and eOne’s capabilities across Music will be significantly bolstered by Audio Network’s impressive scale and roster of artists, composers and catalogue. We are looking forward to working alongside them through their next phase of growth,” added Taylor.
“Our relationships with artists and composers have been at the heart of our business from the very start. In joining eOne, we are becoming part of an incredible global entertainment family and will have the continued opportunity to create and record the world’s best music and share it globally,” added Sunnucks. “Their platform-agnostic content strategy, combined with an alignment of culture, values and vision for the future of the business, make eOne an ideal partner for our teams around the world,” added Smith. “This is going to be game-changing.”