Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, announces yesterday it has signed a Memorandum of Understanding with Tribe of Noise BV (“ToN”) subject to completion of normal legal, accounting and commercial due diligence.
The Company proposes to acquire a circa 51% interest in ToN for a consideration of Euro600,000, which would be satisfied by a mixture shares and cash.
Award-winning music company Tribe of Noise (www.tribeofnoise.com) is a leading provider of quality, direct licensed music and fair remuneration models for a growing community of 30,000 musicians globally. Successful revenue models include ToN’s streaming music services for businesses in retail, hospitality and leisure. A billion dollar industry overlooked by many consumer-centric music services.
ToN’s product offering is complimentary to those offered by Trust in Media the Company’s joint venture announced in March 2018 and provides a ready built audience and cross-selling opportunities for both entities. This proposed acquisition further underlines the Company’s strategy to build a portfolio of synergeous businesses.
Tony Sanders CEO of Catenae commented:
“We are pleased to have come to this agreement with Hessel van Oorschot and the team at Tribe of Noise to join the Catenae group of companies, further augmenting our digital media service provision. In addition to providing a successful partner for independent musicians, ToN is known in Europe for its extensive legal knowledge of innovative, open licensing models. Together with Creative Commons, Getty Images, Sonos, IBM Watson and many other thought leaders Tribe of Noise is turning the popular “fair pay for play” idea in the music industry into reality. Their lack of presence in the UK market provides a massive opportunity to build on their existing revenues.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
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