One Media IP Group PLC - Buckinghamshire, England-based digital media content provider - Acquires a percentage of the royalties to over 100 tracks made by producer Steve Levine. The deal includes music performed by Louise, 911, Culture Club and the Honeyz.
The deal has been funded through One Media's existing cash reserves and is in line with management's expectations and the company's business plan, One Media says.
The acquisition was completed under One Media's Harmony iP asset release scheme, which includes TCAT software to monitor music streams across over 600 music platforms globally to identify unauthorised use and copyright infringements.
One Media Chief Executive Michael Infante says: "We are big fans of Steve's work and to complete this deal under the Harmony iP initiative incorporating TCAT care is a further vindication of our strategy. Steve's production skills are legendary, he created a sound and theme for the 1980s that was to become the sound of a generation."
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By Will Paige; willpaige@alliancenews.com
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One Media (OMIP)