SOCAN Sells Majority Stake in Audiam to SESAC
SOCAN today confirmed it has sold its ownership of Audiam, the music publishing digital rights reproduction collection agency, to Nashville-based music rights organization SESAC.
SESAC hopes to leverage Audiam's claiming, income tracking and reporting technology and services, expanding its global service offerings to songwriters, composers, and music publishers. Audiam will remain under the leadership of Jamie Purpora, who has more than 20 years of experience in music publishing administration and has led the Audiam team since 2015.
Jennifer Brown, SOCAN CEO, says, "SOCAN is delighted to complete this agreement with SESAC. 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. We look forward to seeing this new chapter for Audiam as the organization benefits from new synergy with SESAC."
SESAC Chairman and CEO John Josephson said, "SESAC is acquiring Audiam with the intention of supporting the existing management team, and to act as a supportive strategic partner and capital provider. 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."
As part of the agreement, financial terms were not disclosed. SOCAN will retain a minority share in Audiam.