15 April 2019
We have advised Audio Network on the sale of its business worth USD 215m, almost £180m.
Audio Network is an independent creator and publisher of original music for use in film, television, advertising and digital media. It has operations in Essex, London and Manchester and derives revenue from sync licensing (around 60 per cent of which is annual subscription-based) and publishing royalties.
With a catalogue of more than 150,000 tracks, 16 album releases per month, and a workforce of 140 across nine offices worldwide, the company has seen significant growth since it was founded in 2001 by Andrew Sunnucks and Robert Hurst.
Audio Network is being acquired by Entertainment One UK Holdings, a subsidiary of eOne, which has agreed to acquire 100 per cent of the business. This will be for an aggregate consideration of £178m.
Commenting on the transaction, Partner and international head of the firms Technology Media and Communications Sector group, Mike Turner, who led on the deal for Audio Network, said:
"We very much enjoyed working with the Audio Network team on this transaction. The timing of this transaction was a particularly quick one, and we worked with Audio Network's management team to communicate their vision and ambition for the company's future. Their passion and creativity reflects the type of thinking and advice that we bring to legal services, and it was a pleasure to support them through this process and into their next phase of growth."
Robert Hurst, CEO and Founder of Audio Network added:
"Throughout our 18 consecutive years of growth we have enjoyed working with people who share the same values that we do as Founders. Over the past five years, Mike and the team at Taylor Wessing have embodied these values and supported us as the business has grown internationally. They understand the market we operate in, our passion for living and breathing music, and the importance we place on collaboration – whether that's with the composers, artists and producers we work with around the globe, or with our lawyers."
The team was led by partner Mike Turner with support from Duncan McDonald (Partner), Matthew Harrison (Senior Counsel) Alexandra Richardson and Mark Brewer (Senior Associates), Tom Benjamin and Luc Swietochowski (Associates). Tax advice was provided by Anna Humphrey and Robert Young (Partners) and Alice Thomas (Associate). IP advice was provided by Adam Rendle (Senior Associate) and employment advice was given by James Watkins (Associate).
About Audio Network Limited:
Founded in 2001 by Andrew Sunnucks and Robert Hurst, Audio Network is a global music company creating original, high-quality music for television, advertising, enterprise and digital media. With more than 150,000 wholly-owned tracks from renowned composers, respected producers, and known and emerging artists, the catalogue covers a broad range of genres, and offers simple licensing across multiple platforms, anywhere, and forever. Audio Network Limited is headquartered in London with 9 offices in 8 countries around the world.