Tribune Co. agreed to buy Sony’s Gracenote unit for $170 million, the companies said Monday.
Tribune called Gracenote the largest source of music data in the world, with meta-data for more than 180 million tracks. The data is used to organize music on smart phones and tablets and to drive streaming music services.
Gracenote will be combined with Tribune Media Services, which already amasses metadata on television shows and moves, to create one of the largest entertainment metadata companies at a time when more content is being consumed on demand.
“This transaction extends and complements TMS' best-in-class core competency in the metadata business, while also deepening Tribune's slate of subscription services,” Peter Liguori, Tribune, president and CEO, said in a statement.
Grace also provides data and information for more than one million movies and TV shows in 30 million countries and holds more than 90 U.S. and foreign patents.
The transaction is expected to close in the first quarter of 2014, pending regulatory approvals.