Tribune Completes $170 Million Acquisition of Gracenote From Sony
The music and video recognition technology firm allows the media company to work with streaming music and auto infotainment services.
Tribune said Monday that it has completed the acquisition of music and video recognition technology firm Gracenote from Sony Corp. of America.
The companies had announced the $170 million deal just before Christmas.
"The deal brings together Gracenote with Tribune Media Services, forming one of the largest sources of entertainment metadata in the world," said Tribune, which also owns the LA Times and TV stations. "The addition of Gracenote also expands Tribune’s reach into new growth areas, including streaming music services, mobile devices and automotive infotainment, where Gracenote has a powerful presence."
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Tribune’s TV networks and stations will offer Gracenote new platforms for which to offer services.
"This year promises to be a transformative one for Tribune," said Tribune CEO Peter Liguori. "We are continuing to make investments to ensure that we evolve with the ever-changing digital media landscape."
He added, "With the addition of Gracenote, we will expand our metadata capabilities by extending the business into new areas of music and automotive."
Added Shashi Seth, president of Tribune Digital Ventures: “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 will continue to operate from its headquarters in Emeryville, Calif.
Said Stephen White, president of Gracenote: "We see great opportunities to leverage Gracenote’s technologies, data and expertise with Tribune’s core media business to create more dynamic entertainment experiences."