Sony/ATV Music Publishing yesterday announced it had signed an agreement with media conglom Viacom to acquire the Famous Music publishing catalogue. The news follows nearly two months of speculation (you've all been speculating right? Well, we have) as to who would acquire the Famous catalogue, which Viacom announced it would sell back in April. Of the major publishing houses, Sony/ATV was seen as the most likely buyer because recently appointed CEO Marty Bandier is known to be leading an acquisition programme, but some did question whether the Sony Corp/Michael Jackson owned publishing firm would be able to afford to compete with the private equity firms known to be also interested in Famous.
Confirming the acquisition yesterday, Bandier told reporters: "The Famous Music catalogue is a world-class asset filled with evergreen songs that people know and love. The depth and breadth of the catalogue is what truly makes it great, and I strongly believe that the addition of the Famous catalogue and its songwriters to Sony/ATV is another step in our long-range growth plans. In addition, we are pleased to be entering the production music business through Famous' Extreme division. Extreme's valuable creative team and unique business model will be a terrific complement to our core music publishing business".
Viacom CEO Philippe Dauman added: "Famous Music is one of the iconic names in music publishing. We are very pleased that Sony/ATV Music Publishing has recognized its great value and potential. We have benefited greatly from the talent and experience of the very able management team at Famous Music, particularly its long time CEO, Irwin Robinson, as well as Ira Jaffe, President and Chief Operating Officer; and Margaret Johnson, Executive Vice President Finance and Administration. We know that Famous and its fine executives have many great days ahead and want to thank them for their tremendous accomplishments".