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Tuesday, December 24, 2013
Sony To Sell Gracenote To Tribune
Sony has entered into an agreement to sell all of the shares of Gracenote, Inc., which is a wholly-owned subsidiary of Sony Corporation of America, to Tribune for $170 million subject to standard adjustments.
Gracenote maintains a database of music data that?s used by streaming media services, mobile apps and in-car entertainment systems for finding and recommending tracks and providing information about them to listeners. Apple and Spotify are among its customers.
With 550 million look-ups per day and metadata about more than 180 million tracks, Gracenote?s database is the largest source of music data in the world, according to Gracenote.
Tribune owns the Chicago Tribune, the Los Angeles Times, other newspapers, and numerous TV stations.
Sony expects to record a gain within operating income of approximately $60 million at the completion of the sale, based on the above sale price, subject to standard adjustments.
Sony included an anticipated gain from this sale in the forecast
for the fiscal year ending March 31, 2014, which was announced on
October 31, 2013.
Sony expects this sale to close prior to March 31, 2014.