Multimedia Music has reportedly purchased the music library of STX Entertainment in an eight-figure transaction.
The deal between London- and Los Angeles-based Multimedia Music and Burbank-headquartered STX Entertainment just recently came to light in a report from Variety. At the time of this writing, however, neither of the involved companies appeared to have confirmed or elaborated upon the development with a formal release.
In any event, Multimedia, which debuted towards 2021’s end and has made clear its objective of buying “music rights from commercially proven films and TV series,” is said to have put up an eight-figure sum for the catalog of STX, as initially noted. The agreement reportedly extends to the latter company’s master and publishing rights alike and arrives about nine months after Multimedia closed a separate deal for the IP of Atlantic Screen Music.
(Atlantic Screen and Reservoir Media in November of 2020 partnered to “invest in a series of film score and soundtrack projects together.”)
Additionally, Multimedia’s newest investment reportedly encompasses the rights to the music from previously released films such as Den of Thieves, The Foreigner, Molly’s Game, and Bad Moms. (STX branched out into television with FBoy Island in 2021.) Excluded from the sizable play are the music rights behind future projects from STX, Netflix’s forthcoming Joey Ramone biopic among them.
Addressing the acquisition in a statement, Multimedia partner James Gibb indicated that the deal had come together “in a very short timeframe.”
“We are thrilled to have secured this library of music created by some of the industry’s leading composers,” Gibb communicated in full. “Over the past 10 years STX have repeatedly produced and released high-quality, commercial feature films. Thanks to [former Arista A&R higher-up and current STX president] Jason Markey and the STX team who were instrumental in getting this deal over the line in a very short timeframe.”
More broadly, besides representing the latest in a long and ever-growing line of catalog sales, the reported Multimedia-STX pact came to fruition just days after Cutting Edge raised $100 million “to help give the next wave of film and TV composers the opportunity to monetize their catalogues.”
Meanwhile, different reports yet indicated one month ago that Warner Bros. Discovery was exploring the possibility of offloading its own music library as part of a wider debt-reduction effort. But the business hasn’t confirmed the rumored pursuit of a sale, which would reportedly come with a $1 billion+ price tag and multiple stipulations concerning the use of the soundtracks at hand.
Source : DigitalMusicNews