STX Entertainment Reportedly Selling Music IP to Multimedia Music

Image credit: STX Entertainment

Multimedia Music has reportedly acquired STX Entertainment’s music library for an eight-figure sum.

The deal between London and Los Angeles-based Multimedia Music and Burbank-based STX Entertainment recently came to light in a report from Variety. At the time of writing, however, neither of the companies involved appears to have confirmed or detailed the development with an official release.

Regardless, Multimedia, which debuted in late 2021 and made it clear that it aims to buy “commercially proven music rights for films and TV series,” is said to have paid eight figures for STX’s catalog as famous as the original of. The deal, which also reportedly extends to the latter company’s mastering and publishing rights, comes about nine months after Multimedia closed a separate intellectual property deal. atlantic screen music.

(Atlantic Screen and reservoir media November 2020 Collaboration “Co-invests in a range of film and soundtrack projects.”)

Additionally, Multimedia’s latest investment reportedly includes investments in previously released films such as den of thieves, foreigners, molly’s gameand bad mom. (STX forays into TV f boys island 2021. ) Excluded from considerable play are the music rights behind STX’s future project, Netflix’s coming soon Joey Raymond Among them biopics.

In a statement, Multimedia partner James Gibb said of the acquisition that the deal was closed “in a very short period of time”.

“We’re excited to acquire this library of music by some of the industry’s leading composers,” Gibb conveyed in full. “Over the past 10 years, STX has repeatedly produced and distributed high-quality commercial feature films. Thank you [former Arista A&R higher-up and current STX president] Jason Markey and the STX team helped close the deal in a very short amount of time. “

More broadly, in addition to representing the latest in a long and growing series of catalog sales, the Multimedia-STX agreement is reportedly coming to fruition just days after Cutting Edge raises $100 million “Helping the next wave of film and TV composers have the opportunity to monetize their catalogs.”

Meanwhile, various reports also suggest that a month ago Warner Bros. Discovery Channel explore possibilities Unload your own music library as part of a broader debt reduction effort. But the company has yet to confirm plans for a rumored sale, which would reportedly carry a $1 billion-plus price tag and have multiple rules for use of the soundtrack on hand.