Last checked at 3 Jul 2015 07:00
ONE MEDIA IP GROUP PLC - Update - Point Classics dealONE MEDIA IP GROUP PLC - Update - Point Classics deal
PR Newswire
London, July 2
3 July 2015
One Media iP Group Plc
("One Media" or "the Group" or "the Company")
Completion of final deferred payment for the Point Classics deal, and Notice of the half-year results announcement date
One Media iP Group Plc (AIM: OMIP), the digital media content provider, which consolidates, exploits and monetises intellectual property rights around music and video, is pleased to announce that it has completed the contractual terms regarding the acquisition of the ‘Point Classics’ catalogue of rights it acquired from Telos Holdings Inc. (“Telos”) on 2 July 2014 and has now paid in full the deferred consideration of USD$160,000 to Telos of Los Angeles, USA, the vendor.
The deal, which comprised over 4,000 classical recordings and all corporate logos, registrations and distribution rights, was signed on 2 July 2014 for a total consideration of USD1,600,000 which has been entirely satisfied from existing cash resources.
The Company also confirms that it will announce its half years trading results on 27 July 2015.
One Media also greets with enthusiasm the new Apple Music initiative. We are on record as saying that streaming will be the future of music monetisation and despite the ‘press’ surrounding the various ‘free periods’ being offered to new consumers of the service, we believe that this will benefit the Group in the longer term and add value to the One Media catalogue as the service gains traction.
For further information, please contact:
| One Media iP Group Plc Michael Infante | Chairman and Chief Executive Tel: +44 (0) 175 378 5500 |
| One Media iP Group Plc Alice Dyson-Jones | Brand & Communications Manager Tel: +44 (0) 175 378 5501 |
| Cairn Financial Advisers LLP Liam Murray / Jo Turner | Nominated Adviser Tel: +44 (0) 20 7148 7900 |
| Charles Stanley Securities Limited Mark Taylor | Broker Tel: +44 (0) 20 7149 6000 |
Notes to Editors:
One Media is a digital music and video rights owner. The consumer led but B2B (Business-to-business) operation looks to exploit its catalogue of over 250,000 music tracks and over 7,000 hours of video by recompiling the content for sale through over 600 digital music and video stores worldwide. The Company has a team of Creative Technicians who digitize the content, create the metadata and re-compile and prepare the digital music & video releases using bespoke in-house software. Additionally, One Media makes its library of content available for TV shows, movies, adverts, games and websites. One Media operates an online sync database system that enables music supervisors to explore the library and select tracks for music briefs. One Media focuses on music performed by well-known artists from every genre, including; pop, rock, reggae, R&B, children's music, karaoke, jazz, soul, blues, rap, hip-hop, gospel, world-music, plus stand-up comedy, spoken-word and over 1,000 hours of classical music. One Media is eligible for Enterprise Investment Schemes ("EIS") and Venture Capital Trusts ("VCT").