Photo Credit: STX EntertainmentMultimedia Music has reportedly bought STX Entertainment’s music library in an eight-figure deal.
The deal between London- and Los Angeles-based Multimedia Music and Burbank-headquartered STX Entertainment was recently revealed in a report from Variety. At the time of writing, however, none of the companies involved have appeared to confirm or detail the development with a formal release.
In any event, Multimedia, which began to end in 2021 and explained its intention to buy “music rights from proven commercial films and TV series,” is said to have put a eight-figure value for the STX catalog, as before. noticed. The deal reportedly comes with the latter company’s master and similar publishing rights and comes about nine months after Multimedia closed a separate deal for the Atlantic Screen Music IP.
(Atlantic Screen and Reservoir Media in November of 2020 partnered to “invest in a series of film scores and soundtrack projects together.”)
Additionally, Multimedia’s latest investment reportedly includes music rights from previously released films such as Only Thieves, The Foreigner, Molly’s gameand Bad Moms. (STX broadcast television with FBoy Island in 2021.) Not included in the big game are the music rights behind future projects from STX, the upcoming Joey Ramone biopic on Netflix among them.
Referring to the acquisition in a statement, Multimedia partner James Gibb indicated that the agreement was agreed “in a short period of time.”
“We are delighted to have acquired this library of music created by some of the industry’s leading composers,” Gibb announced in full. “For the past 10 years STX has repeatedly produced and released quality, commercial feature films. Thank you for [former Arista A&R higher-up and current STX president] Jason Markey and the STX team were instrumental in getting this deal over the line in such a short time.
More broadly, besides representing the latest in a long and ever-growing line of catalog sales, the reported Multimedia-STX pact comes just days after Cutting Edge raised $100 million “to help to give the next wave of film and TV composers a chance. to monetize their catalogs.
Meanwhile, various reports show a month ago that Warner Bros. Discovery is exploring the possibility of offloading its own music library as part of a broader debt-reduction effort. But the business has not confirmed the rumored pursuit of a sale, which reportedly comes with a $1 billion+ price tag and several stipulations about the use of the soundtracks available.
