One Media snaps up music catalogue from Spanish record label
Digital media content provider One Media IP Group has acquired the music catalogue of Locomotive Records, an independent record label based in Spain.
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One Media will spend a total of $750,000 on the Locomotive catalogue, $550,000 of which will be paid immediately with a further $200,000 in deferred payment.
Following the acquisition, the AIM-listed outfit will distribute Locomotive's 1,500 titles from various Spanish bands, notably including tracks from folk-metal band, Mägo de Oz, with whom One Media also entered into a direct artist royalty agreement.
Chief executive Michael Infante said: "This is a very exciting development for us as we see new territories opening and the expansion of our global audiences.
"Mägo de Oz are renowned within the Hispanic community and this acquisition expands One Media’s music genres in line with digital demands globally."
As of 0935 GMT, One Media shares had picked up 1.75% to 5.80p.