State Champ Radio Business News
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MediaCo Holding has acquired all of Estrella Media’s network, content, digital and commercial operations, the company announced on Thursday (April 18). According to a press release, the transaction — which closed April 17 — will see Estrella Media brands join MediaCo. These include the EstrellaTV network’s linear and digital video content business, Estrella Media’s digital […]
Telemundo Enterprises announced on Thursday (April 18) a new structure for its entertainment studios to “boost its scripted content,” according to a press released issued by NBCUniversal’s Spanish-language division. The restructure, which will merge the media company’s linear and streaming studios (launched in 2021) into one unit, was unveiled by NBCUniversal Telemundo Enterprises chairman Luis Fernández. “At […]
50 Cent’s television empire adds another point to the scoreboard with the offical launch today (April 18) of G-Unit Studios in Shreveport, Louisiana. “As someone who has always believed in the transformative power of music, film, and television, I’m beyond excited to introduce the expansion of my G-Unit Film & Television through the launch of […]
Cutting Edge Group (“CEG” or the “Group”), an investor in and manager of niche media music rights encompassing more than 2,000 titles across soundtrack albums, completed a $500 million debt refinancing with four banks led by Fifth Third Bank and Northleaf Capital Partners. The new credit facility will be used for corporate purposes as well as the acquisition of music rights from the roughly $1.5 billion pipeline of possible investments already identified by Cutting Edge.
“Cutting Edge has become a world leading music partner to the film and tv industries,” said Philip Moross, CEO of Cutting Edge Group, in a statement. “During that time, the structural trends driving our industries have accelerated exponentially, delivering a proliferation of digital platforms and content, matched by an increase in demand for media music usage. Prior to the pandemic, we identified a similar opportunity in the global wellness market, which is now projected to grow at 10% per annum to a US$7 trillion market by 2025. This refinancing will enable us to execute our growth strategy to take full advantage of these trends in our usual disciplined way.”
TikTok partnered with global ticketing platform AXS, enabling certified artists on the social platform to use its in-app ticketing feature to promote their AXS live dates while allowing fans to buy tickets for events through AXS within TikTok.
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Universal Music Greater China (UMGC) struck a new strategic agreement with TF Entertainment, the company behind Chinese idols TFBOYS and Teens In Times. Under the deal, UMGC will handle global distribution of TF’s roster, targeting markets outside Mainland China.
ASM Global Acts, the corporate social responsibility platform of ASM Global, partnered with reuse platform r.World to introduce reusable service ware — including reusable cups and food containers — in venues throughout the company’s North American portfolio, beginning with the Long Beach Convention and Entertainment Center and select hospitality locations at the forthcoming Acure Grand Prix in Long Beach, Calif.
Audacy and Super Hi-Fi, which provides AI-powered radio services for broadcast and digital media companies, announced an expanded partnership that will streamline Audacy’s digital content programming, production and broadcasting processes “while creating stickier listener environments and more opportunities for advertisers to engage with them,” according to a press release. Audacy additionally announced that five of its highest-rated HD radio stations are transitioning to use Super Hi-Fi’s program director radio operating system, allowing programmers and staff to spend less time on production. The stations include WWBX-HD2 in Boston, WLKK-HD2 in Buffalo, KILT-HD2 in Houston, KROQ-HD2 in Los Angeles and KNRK-HD2 in Portland.
Leading classical music artist agencies IMG Artists and TACT Artists Management formed a strategic alliance through which their vocal departments will work together to pool expertise and resources. With the partnership, the companies hope to ensure a broader international network for their rosters, among other benefits.
Sony Music‘s global podcast division acquired podcast production company Neon Hum, whose founder/CEO Jonathan Hirsch joins Sony Music as vp of global podcasts/head of U.S. creative. Sony will utilize Neon Hum’s production expertise to continue developing podcasts for its subscription channel, The Binge, and across its entertainment slate. Sony will also expand its work-for-hire business to provide more services beyond audio production for its client and branded podcasts. Before the acquisition, Sony made a strategic investment in Neon Hum in 2019, with the two jointly launching podcasts including Dinners on Me with Jesse Tyler Ferguson, Smoke Screen and My Fugitive Dad.
Merlin announced a licensing deal with streaming platform Audiomack, giving Merlin members access to Audiomack’s listenership. Merlin members will now also be able to claim their artists’ Audiomack accounts, enabling them to send messages to their fans and more. The deal encompasses Audiomod, a new Audiomack tool that allows fans to customize their listening experience via pre-set filters including “sped up,” “slowed down,” “nightcore” and “daycore” and/or custom listening filters they create themselves.
Secretly announced new distribution deals with Jazz Is Dead and its sister label, Linear Labs. Founded by Adrian Younge, Ali Shaheed Muhammad (A Tribe Called Quest), Andrew Lojero and Adam Block, Jazz Is Dead is dedicated to “honoring the legacies of musical heroes and luminaries,” according to a a press release, having released albums by Rob Ayers, Lonnie Liston Smith and more. Linear Labs focuses on “new progressive music” and has worked with artists including Ghostface Killah, The Delfonics and Angela Muñoz while releasing scores and soundtracks for CBS, Hulu and Netflix. Past and future releases on both labels will now be distributed by Secretly.
Image-Line — the developer of popular digital audio workstation (DAW) FL Studio and FL Cloud — acquired MSXII Sound Design, a manufacturer of sample packs and sonic tools. MSX’s more than 200G sample library is now available to FL Studio users through FL Cloud.
Udio, a new platform developed by former Google DeepMind researchers that allows users to create music using AI using text prompts and then share their creations with the app’s community of users for feedback and collaboration, has raised a seed funding round from investors incluidng a16z, Instagram co-founder/chief technology officer Mike Krieger, will.i.am, Common, Kevin Wall, Tay Keith, UnitedMasters and Oriol Vinyals, head of Gemini at Google.
Entertainment, hospitality and investment holding company Palm Tree Crew — founded by Kygo and Myles Shear — closed a strategic investment in Medium Rare, valuing the company at $50 million. Medium Rare partners with artists, celebrities and athletes to create live entertainment properties; examples include Travis Kelce’s Kelce Jam and Guy Fieri’s Flavortown Tailgate. As part of the deal, Medium Rare will partner on select events and festivals within the Palm Tree Crew holding company. The two companies will also work together on developing new festivals and live experiences.
Oak View Group signed a partnership with the University of Kansas to be the stadium operator for the Gateway District — the future home of Kansas Football and convention center events and conferences — and the reimagined David Booth Kansas Memorial Stadium. Oak View Group will additionally manage food and beverage services and suite catering for all Kansas Athletics venues. It will oversee the day-to-day operations of both the football stadium and conference center when the first phase of the Gateway District opens in August 2025, leading bookings of conference events, concerts and more. Oak View Group will additionally play a key role in the current Allen Fieldhouse upgrades, managing all food and beverage and hospitality in the arena.
AI-driven funding platform beatBread partnered with Kobalt Music Group for publishing administration in the United States and amra for digital licensing and collections internationally. The agreements allow beatBread to extend its existing funding of publishing rights to artists who are currently unpublished and under-collecting their performance and mechanical revenues.
Entertainment company NTERTAIN and The Official Latino Film Festival merged to form the NVISION Film & Music Festival. The festival will feature a mix of film screenings, music performances, art exhibitions, technology showcases and conference-style panels and presentation. It’s set to take place Oct. 10-12 at the Palm Springs Art Museum in Palm Springs, Calif.
The city council of McKinney, Tex. approved the development of the Sunset Amphitheater being built in the town by Notes Live. The agreement includes a public-private partnership between Notes Live, the city, the McKinney Economic Development Corporation and the McKinney Community Development Corporation. The project is estimated to be bringing in more than 1,300 direct and indirect jobs to the community, with an economic impact of around $3 billion to the area over the first 10 years.
Musically Fed, which redistributes surplus backstage and VIP meals to veterans and those facing homelessness and food insecurity in the United States, will once again partner with Live Nation-Hewitt Silva (LNHS) to handle surplus catering at forthcoming LNHS events at the Hollywood Bowl. The organization will also re-team with TaDa! Events to repurpose unused catering for communities in need via several L.A. nonprofits.
Feed.fm partnered with AI company Cyanite for AI-based tagging and music search to enhance discoverability on its platform. Under the deal, Feed.fm will use Cyanite’s technology to enhance the metadata Feed.fm’s compliance and recommendation engine uses to stream curated music for each listener.
Asian financial services firm AGBA will acquire social video platform Triller in an all-stock transaction that values the merged companies at $4 billion, according to SEC filings released Thursday (April 18).
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In addition to its eponymous app, which has been compared to TikTok, Triller owns generative AI platform Amplify.ai, pay-per-view service FITE, bare-knuckle fighting company Bare Knuckle Fighting, influencer marketing software Julius and experiential events planner Thuzio, among others.
The boards of both Triller and AGBA have approved the proposed transaction, which is now subject to regulatory and stockholder approvals before closing. The combined companies will be 80% owned by Triller stockholders and the remaining 20% by current shareholders of AGBA. Triller filed for a direct listing on the New York Stock Exchange in August 2023 and again in January 2024. In its most recent S-1 filing, the company listed CEO Bobby Sarnevesht and Proxima Media, led by Hollywood financier Ryan Kavanagh, as founding partners. Other previously disclosed shareholders include former CEO Mahi de Silva. It is not clear who Trillers’ current shareholders are.
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Shares of NASDAQ-listed AGBA closed at 40 cents on Wednesday and spiked following the merger announcement to $1.30 early Thursday before falling to under a dollar later in the morning. AGBA formed in 1993 and operates out of Hong Kong, where it says it serves over 400,000 corporate and individual clients in the financial tech and healthcare sectors.
The leadership for the combined company will include Sarnevesht as Triller CEO, AGBA executive director Wing-Fai Ng as group CEO and former Barclays CEO Bob Diamond as group chairman.
“Through this merger, we are poised to accelerate our innovation trajectory and significantly expand our market presence, creating unparalleled value for our users and stakeholders globally,” said Sarnevesht. “In addition, with the transaction approved by both company boards and majority shareholders, we believe this is the most efficient route for Triller to access public capital markets and secure the liquidity needed for rapid growth.”
Said Wing-Fai Ng, “With a rich history of setting records and making bold moves, we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry. AGBA’s expertise in capitalizing on financial value from complex developments and rapid growth will provide the fuel for Triller’s rocket ships. Together, we have a lot to accomplish.”
Wing-Fai Ng added that “we believe Triller is now on the brink of an exciting future. Its groundbreaking technology, coupled with an aggressive and strategic business model, positions it not just as a formidable competitor to tech giants but as a potential game-changer in the industry.”
A bill to create a new statewide live music fund in Tennessee has passed in the state’s Senate and House. It will now head to the desk of Governor Bill Lee, who is expected to sign it into law.
SB2508/HB2712 — composed of identical companion bills carried by Senate Majority Leader Jack Johnson and House Majority Whip Johnny Garrett — was introduced as a collaboration between the Music Venue Alliance Nashville, the National Independent Venue Association and the Broadway Entertainment Association. The bill creates the structure of a live music fund that will one day provide grants to live music and performance venues, promoters and performers.
The legislation also defines elements of the live music industry in code for the first time, marking a fundamental step toward directing future support. The fund is set up to be administered by the Tennessee Entertainment Commission under the Department of Economic and Community Development.
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Though the bill does not allocate any government money to the fund during this fiscal year, it does allow it to receive donations and grants from individuals and the private sector. The opportunity for government-appropriated funds remains on the table for future years. Stakeholders will also soon come together to evaluate revenue streams flowing into similar funds in other states and determine if any opportunities exist that might be a good fit for the Tennessee fund.
“We are truly excited by the unanimous and bipartisan support for our independent venues,” said Chris Cobb, board president of the Music Venue Alliance Nashville, in a statement. “It has become increasingly difficult to own, operate, or grow an independent venue in today’s climate, and a fund like this will be a difference maker to ensure that independent venues across Tennessee not only survive, but thrive.”
“The Live Music & Performance Venue Fund creates a massive opportunity for us to protect and preserve Tennessee’s live music industry for years to come,” said Bob Raines, executive director of the Tennessee Entertainment Commission, in a statement. “Independent venues and performers across the great state of Tennessee are the foundation of our complex and vibrant ecosystem and we know their success is directly tied to the vibrancy and growth of our communities across the state.”
While Tennessee is only the second state in the nation to define a live music and performance venue in the state code, similar funds have been created in cities and states across the United States. Texas provided over 650 micro-grants to individual creatives in 2023 through a similar fund and also provided a grant to the historic Austin, Tex., independent venue Hole in the Wall that enabled it to secure a 20-year lease extension.
“We applaud Leader Johnson and Representative Garrett for their leadership, and thank the entire Tennessee General Assembly for their unwavering support of independent venues, promoters, and the entirelive entertainment sector in Tennessee,” Stephen Parker, executive director of the National Independent Venue Association, said in a statement. “Whether investment to bolster the fund comes from the live community, the private sector, or government, we look forward to rallying support and growing this fund in the years ahead to ensure the preservation of Tennessee’s legendary live music economy.”
Grammy Go, a new online initiative from the Recording Academy, is the result of a partnership with Coursera, a leading online learning platform, to offer classes tailored for music creators and industry professionals. Grammy Go on Coursera includes courses taught by Recording Academy members and featuring Grammy nominees and/or winners.
Starting today, enrollment is open for Grammy Go’s first Coursera specialization, “Building Your Audience for Music Professionals,” taught by Joey Harris, international music/marketing executive and CEO of Joey Harris Inc., and featuring Jimmy Jam, Janelle Monáe and Victoria Monét. This specialization will help participants gain the skills, knowledge and confidence to build a strong brand presence and cultivate a devoted audience within the ever-changing music industry.
The partnership’s second course, launching later this summer, is “Music Production: Crafting an Award-Worthy Song.” That course, which aims to strengthen the technological and audio skills of a music producer, will be taught by Carolyn Malachi, Howard University professor and a Grammy nominee in 2011 for best urban/alternative performance for her track “Orion.” This specialization will include appearances by Cirkut, Hit-Boy, classical producer Judith Sherman, artist and vocal coach Stevie Mackey and Recording Academy CEO Harvey Mason jr.
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“Whether it be through a Grammy Museum program, Grammy Camp or Grammy U, the Grammy organization is committed to helping the next generation of creators flourish, and the Recording Academy is proud to introduce our newest higher learning opportunity with Grammy Go in partnership with Coursera,” Panos A. Panay, president of the Recording Academy, said in a statement. “A creator’s music education is ongoing, and these courses have been crafted to provide participants with the essential tools to grow in their professional and creative journeys.”
“We are honored to welcome Grammy Go, our first entertainment partner, to the Coursera community,” said Marni Baker Stein, chief content officer at Coursera. “With these self-paced online specializations, aspiring music professionals all over the world have an incredible opportunity to learn directly from iconic artists and industry experts.”
Grammy Go is billed as the first creator-to-creator learning platform from the Recording Academy. Visit go.grammy.com to learn more. For more information and enrollment about the first specialization, visit the landing page for Building Your Audience for Music Professionals.
Primary Wave has partnered with Neil Sedaka to acquire a stake in the star’s master and publishing rights. Regarded as perhaps the world’s first-ever teen pop star, Sedaka began his career in 1957 and went on to pen hits like “Love Will Keep Us Together,” “Breaking Up Is Hard to Do,” “Laughter in the Rain,” “Calendar Girl,” “Oh! Carol” and “Happy Birthday Sweet Sixteen.”
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Sedaka has earned his fair share of accolades over the years, including five Grammy nominations. He has been inducted into the Songwriters’ Hall of Fame, received a star on the Hollywood Walk of Fame, and was one of the first musical guests on Saturday Night Live.
After getting his start as one of the top acts of the late 1950s, he pivoted to focusing his efforts on writing hits for other artists, including Frank Sinatra, Tom Jones, The Monkees and The Fifth Dimension.
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During the height of the British Invasion, he continued to hone a strong fanbase in the UK, and in the early 1970s was re-introduced to American audiences by Elton John, who signed Sedaka to his new label Rocket Records. As he gained acclaim through songs like “Bad Blood” and “Laughter in the Rain” under the Rocket deal, one of his early songs, “Breaking Up Is Hard To Do,” was re-released as a ballad to great success, becoming the second song in history to make the top 10 of the Billboard Hot 100 for two versions of the same song. Plus, Captain and Tennille won Record of the Year for “Love Will Keep Us Together,” which was co-penned by Sedaka.
A classically trained Juilliard graduate, Sedaka embraced his roots in the 21st century, composing symphonies and piano concertos like “Joie De Vivre” and “Manhattan Intermezzo,” both of which were recorded with the Philharmonia Orchestra of London.
This deal encompasses Sedaka’s entire catalog, including all compositions written by him and all recordings performed by him. Other legendary artists have also performed and recorded his works, including Elvis Presley, Connie Francis and Abba. While these recordings are not part of the deal, Primary Wave still benefits on the publishing side, given Sedaka’s writing credits.
Primary Wave, known as an active and creative catalog buyer and publisher, will help boost Sedaka’s works with the help of its in-house marketing, digital strategy, licensing, synch and film/tv production teams.
“I am thrilled to be entering into this partnership with Primary Wave – an organization that I have long-admired for their unwavering commitment and dedication to the artists they represent,” says Sedaka of the deal. “After almost 70 years in the music business, I’ve gotten pretty good at separating the big talkers from the real deals, and Larry and his team at Primary Wave are about as real deal as it gets. I look forward to a long and prosperous relationship that will allow me to work side by side with this amazing organization and finally give my extensive collection of songs the attention and exposure it deserves.”
Madeline Boyd, Primary Wave’s finance & investments manager adds, “We are thrilled to welcome Neil Sedaka into the Primary Wave family. As both a singer and songwriter, Neil has created an iconic catalog that has transcended decades and genres. We look forward to continue creating new opportunities for his timeless songs together.”
Music investing platform JKBX said on Wednesday it is partnering with SoundExchange to process payments to artists and songwriters who are a part of its creator program.
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Founded in 2022, JKBX (pronounced “jukebox”) allows everyday investors to buy royalty shares that give investors the right to a slice of the income generated by songs like OneRepublic frontman Ryan Tedder‘s “Counting Stars” through public offerings regulated by the U.S. Securities and Exchange Committee (SEC). The company, which launched its first public offering last month, aims to open up an asset class to fans and other investors that previously was only available to the wealthiest investors.
JKBX currently does not work directly with musicians like Tedder. Instead, the company’s deals are with record labels, music publishers and catalog funds that own the copyrights behind the royalties offered on the platform. But JKBX chief executive and Orchard co-founder Scott Cohen says the creator program was designed to “spread the wealth,” giving artists and songwriters a cut of the revenue generated by this new way to monetize music rights.
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“The JKBX Creator Program was designed to continually reward the creators and artists for their contributions to society,” Cohen said in a statement. “We firmly believe that the talent who creates this indispensable artform that fuels us deserves that right.”
Artists who sign up for the creator program can create an artist page on the site and earn money for the fan attention and interaction they bring to JKBX’s platform. JKBX says it tracks page views and distributes payments based on an artist’s share of traffic to the site.
The partnership with SoundExchange means JKBX will use its technology and systems to pay artists, many of whom are already registered to work with SoundExchange.
“The mission of SoundExchange is to help creators maximize the value of their work, and JKBX provides a new alternative to monetize music assets,” said Michael Huppe, president and CEO of SoundExchange, adding the platform has the potential to bring millions of fans to “invest in the craft.”
JKBX launched its first SEC-approved offering last month, a grouping of 85 projects — 69 of which involve Ryan Tedder, the songwriter and producer best known as a member of the group OneRepublic. Tedder is a songwriter or producer on tracks by Adele, Jonas Brothers and Diplo that are offered on the platform.
Share prices on JKBX are currently fixed, meaning a song’s return will fluctuate based on the amount of royalties paid out, not an increase or decrease in the price. JKBX intends to launch a secondary marketplace in 2024, according to the site’s FAQ section, that will allow investors to re-sell their shares.
As Billboard prepares to launch the physical edition of Billboard Korea, a new alliance with NAVER Pay that should unlock opportunities for its readers and the broader K-pop space.
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NAVER Pay, the South Korea-based mobile payment service, has inked a memorandum of understanding (MOU) with Billboard and Billboard Korea, ahead of the first print issue midyear.
As previously reported, Billboard Korea Volume 1 is scheduled for release in June, which will amplify 100 K-pop stars selected by Billboard.
The goal of the MOU is to promote various collaborative endeavors that will combine simple payment services with the entertainment services that Billboard Korea will provide, reads a statement, with NAVER Pay providing “a safe and straightforward” facility for music, broadcasts, and performances.
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Through the alliance, the brands will contribute to creating “a fair and transparent performance booking culture,” and in the long term, a unified approach in spreading K-pop content through Billboard’s global platform.
“We are pleased to be able to work with Billboard Korea as they enter the Korean market,” comments NAVER Pay CEO Park Sang-jin, adding, “in the future, we will actively strive to find ways to create synergy between Billboard and Billboard Korea’s various entertainment services and NAVER Pay.”
Mike Van, president of Billboard, and Yuna Kim, CEO & publisher of Billboard Korea, remark, “Through our partnership with NAVER Pay, we will be able to provide a variety of innovative services unique to Billboard in the Korean music market.”
As Billboard Korea rolls off the presses, the K-pop genre reaches new heights. South Korean acts accounted for five of the top 10 albums in the IFPI Global Album Chart for 2023, including top spot for SEVENTEEN’s FML, representing the best ever global charts performance for the genre. Indeed, an unprecedented 19 of the top 20 titles on the tally were K-pop.
And separately, the recently-published IFPI Global Recording Artist Chart, which ranks the most popular artists on the planet, based on sales and streams, four K-pop acts appeared in the top 10 – representing a record year for Korean music on a global scale.
Billboard Korea adds to the list of the publication’s international editions, including Billboard Japan, Billboard Arabia, Billboard Español, Billboard Brasil and others.
