Tribune to buy Gracenote for $170MN
Michelle Clancy | 27-12-2013
Tribune Company is buying music metadata leader Gracenote from Sony Corp for $170 million. It plans to merge the company into Tribune Media Services (TMS), which provides television and movie metadata, for a holistic entertainment metadata juggernaut.
Gracenote is the largest source of music data in the world, featuring metadata for more than 180 million tracks, which helps power over a billion smartphones and tablets, 50 million cars, as well as various streaming music services. Its database gets 550 million look-ups each day and more than 16 billion every month. The company also provides data and information for one million movies and TV shows to 30 countries and holds over 90 US and foreign patents. TMS also reaches hundreds of millions of viewers through electronic streams of information on TV, online and in print.
"Gracenote and TMS are an ideal fit," said Shashi Seth, president of Tribune Digital Ventures, which includes oversight of TMS. "Both companies have substantial digital footprints and are well-respected leaders in their areas globally. Together we will become an even greater force in the global entertainment data business by servicing new and existing customers with better data, new products, and new services to help an evolving entertainment industry."