Tribune acquires Gracenote from Sony for $170 million
Sony is selling the Gracenote audio-recognition software division to Tribune Co. for $170 million. Sony has been consolidating many of their business divisions as part of an effort to focus on less products. Tribune plans to integrate Gracenote into their media services division. This division offers digital data for TV shows and movies. Sony acquired Gracenote for around $260 million so the company will take a hit on the sale.
Gracenote is also well known for providing software for Apple to enable iTunes in quickly identifying songs when a user transfers songs to a computer from a CD.
“Together we will become an even greater force in the global entertainment data business,” said Shashi Seth, president of Tribune Digital Ventures, in a statement. Tribune Co. is known for owning the L.A. Times, Chicago Tribune, and Baltimore Sun.
Sony predicts the sale will lead to a gain of $60 million to Sony’s operating income and will be completed by March.