Business News Deals Digital

Tribune completes Gracenote acquisition

By | Published on Tuesday 4 February 2014


Media firm Tribune announced yesterday that its $170 million acquisition of Gracenote from Sony Corporation of America had been completed.

As previously reported, the deal will bring music metadata firm Gracenote together with its new owner’s existing TV data company Tribune Media Services, giving that business a presence in the download and streaming sectors for which Gracenote is a key provider of music data.

Announcing the deal completion, President of Tribune Digital Ventures Shashi Seth told CMU: “The acquisition of Gracenote is a natural extension of our current portfolio. This reinforces Tribune’s commitment to investing in cutting edge technologies that will shape the way consumers interact with digital media now and in the future”.

Gracenote President Stephen White added: “I am inspired by Tribune’s vision of digital entertainment and the role Gracenote can play in making it a reality. The acquisition by Tribune just makes sense. We see great opportunities to leverage Gracenote’s technologies, data and expertise with Tribune’s core media business to create more dynamic entertainment experiences”.

Sony also confirmed its previous estimate that the sale of Gracenote would provide it with an additional $60 million in operating income come the end of the company’s fiscal year on 31 Mar, beyond the original forecast it published in October last year.