Media firm Entertainment One has acquired film and TV score production firm Audio Network for £178m as it looks to beef up its music division.
Entertainment One has secured a deal to buy 100 per cent of the UK-based company, which has produced scores for films and TV shows including Killing Eve, Bodyguard and Straight Outta Compton.
Audio Network also provides original music for advertising and digital media, and counts Vice and Mercedes-Benz among its clients.
“As we continue to unlock the power and value of creativity for artists, we are very pleased to welcome Audio Network, whose passionate management team and ambition align with ours,” said Entertainment One chief executive Darren Throop.
“The combination of eOne's front-end commercial artist catalogue and Audio Network's premium diversified music catalogue creates a one-stop solution for business customers seeking high-quality music.”
Entertainment One, which owns the rights to hit kids’ TV show Peppa Pig, said the move will enhance its presence in the music market as it looks to cash in on rapid growth in the sector.
As part of the deal, executives from Audio Network, including co-founder Andrew Sunnucks and chief executive Robb Smith, will join the management team of Entertainment One’s music business.
Entertainment One will pay roughly £169m in cash for the firm, with the remaining £9m paid out through shares to key management.
The lucrative deal comes a week after the Canadian media company said it was on track to meet its full-year targets after posting strong revenue growth from its children’s TV shows.
Shares in Entertainment One were up more than two per cent following the announcement of the deal, which is expected to complete by 18 April.