TORONTO – SOCAN announced today Nashville-based music rights organization SESAC purchased Audiam, SOCAN’s music publishing digital rights reproduction collection agency.
Audiam, through unique technology, “recovers past revenue and assures future payments for the songwriters and music publishers’ royalties,” a press release says. It was founded in 2014 and acquired by SOCAN in 2016.
Audiam will remain under the leadership of Jamie Purpora, who has led the company since 2015.
SOCAN will keep a minority share in the company. The financial terms of the deal were not disclosed.
“Since our acquisition of Audiam in 2016, the organization has exceeded expectations, but the time is right for Audiam to continue its next phase with a new parent organization,” said Jennifer Brown, SOCAN CEO, in the press release.
“SESAC is acquiring Audiam with the intention of supporting the existing management team, and to act as a supportive strategic partner and capital provider,” said SESAC chairman and CEO John Josephson, in the press release.
“We anticipate a seamless transition in ownership with no disruption to the Audiam business activities as a result of this transaction. Going forward, we believe this will position SESAC well for enhanced growth of our multi-rights, multi-territory global rights management business and continued delivery of best-in-class service to our affiliates, licensees and commercial partners.”
