Tribune Seals Gracenote AcquisitionWill Combine With Tribune Media Services. 2/03/2014 1:56 PM Eastern
Tribune Co. said Monday it has completed its $170 million acquisition of Gracenote from Sony Corp. of America.
Tribune first announced the deal in December. Combined with its own Tribune Media Services, the deal creates one of the largest sources of entertainment metadata in the world, Tribune said in a statement. The Gracenote addition also expands Tribune’s reach into new growth areas, including streaming music services, mobile devices and automotive infotainment. For Gracenote, Tribune’s portfolio of television networks and stations will offer platforms to bring its smart-TV, music and advertising innovations to market.
“This year promises to be a transformative one for Tribune. We are continuing to make investments to ensure that we evolve with the ever-changing digital media landscape,” said Tribune CEO Peter Liguori in a statement. “With the addition of Gracenote, we will expand our metadata capabilities by extending the business into new areas of music and automotive.”
Gracenote will continue to operate from its headquarters in Emeryville, Calif.
Guggenheim Securities acted as financial adviser to Tribune. Debevoise & Plimpton provided legal counsel to Tribune on this transaction.