Clear Channel and Entertainment One (eOne) Announce Agreement to Share Digital and Broadcast Radio R
Mar 6th 2013 9:00AM
Updated Mar 6th 2013 9:04AM
Clear Channel and Entertainment One (eOne) Announce Agreement to Share Digital and Broadcast Radio Revenue with Artists
Agreement Between Fastest-Growing Independent Music Group and America's Leading Media Company Further Builds a New, Sustainable Business Model for the Digital Radio Industry
eOne, the Largest Independent Music Distributor in North America, to join Clear Channel's Group of Pioneering Record Label Partners
NEW YORK--(BUSINESS WIRE)-- Clear Channel Media and Entertainment, the leading media company in America with a greater reach than any other radio or television outlet, and Entertainment One (eOne), the fastest-growing independent music company in the U.S., today announced an agreement to share revenue from digital and terrestrial radio.
eOne Music produces, distributes, licenses and promotes some of the world's top music across a range of genres including rock, rap, classical and country. The label's diverse music library boasts more than 45,000 tracks from artists including DJ Drama, Faith Evans, Pop Evil, Jake Miller, Black Label Society, Joe Budden, and many others. Since its inception, eOne Music has charted more than 100 albums on Billboard's Independent Chart, more than any other American independent label.
"eOne and Clear Channel both passionately believe that ensuring a thriving and diverse music industry requires creative thinking, and the willingness to knock down barriers," said Michael Koch, CEO of eOne Music. "This agreement is great for us and for Clear Channel, but ultimately the fans and artists benefit most."
"Innovative partnerships like this support a robust and sustainable model for our industry, where artists, fans, labels, distributors, radio and fans all prosper," said Bob Pittman, CEO of Clear Channel. "In eOne, we have found a partner with an extraordinary range of successful music who understands this and the immense value terrestrial and digital radio provide to artists, labels, and the industry at large."
Like Clear Channel's recent agreements with six other record labels, the arrangement will help build out a sustainable digital radio industry. Clear Channel's agreement with eOne follows several recent, similar agreements, including Big Machine Label Group, Glassnote Entertainment Group, DashGo, rpm Entertainment, Robbins Entertainment, and Naxos.
About Entertainment One
Entertainment One Ltd. (ISE: ETO) is an international entertainment company that specializes in the acquisition, production and distribution of film and television content. The company's comprehensive network extends around the globe including Canada, the U.S., the UK, Ireland, Spain, Benelux, France, Germany, Scandinavia, Australia, New Zealand, South Africa and South Korea. Through established Entertainment and Distribution divisions, the company provides extensive expertise in film distribution, television and music production, family programming and merchandising and licensing. Its current rights library is exploited across all media formats and includes more than 35,000 film and television titles, 2,700 hours of television programming and 45,000 music tracks.
About Clear Channel Media and Entertainment
With 243 million monthly listeners in the U.S., Clear Channel Media and Entertainment has the largest reach of any radio or television outlet in America. Clear Channel Media and Entertainment serves 150 cities through 850 owned radio stations.
The company's operations include radio broadcasting, online and mobile services and products, live concerts and events, syndication, music research services, and independent media representation. The company's radio stations and content can be heard on AM/FM stations, HD digital radio channels, SiriusXM Satellite Radio, on the Internet at iHeartRadio.com and on the company's radio station websites, on the iHeartRadio mobile application on iPads and smartphones, and used via navigation systems from TomTom, Garmin and others. Clear Channel Media and Entertainment is a division of CC Media Holdings, Inc. (OTCBB: CCMO), a leading global media and entertainment company. More information on the company can be found at clearchannel.com, clearchanneloutdoor.com and ccmediaholdings.com.
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