![\"Entertainment](\"https:\/\/www.digitalmusicnews.com\/wp-content\/uploads\/2023\/02\/STX-Main.jpg\" "\\"Entertainment\\"")
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Photo Credit: STX Entertainment<\/p>\n<\/div>\n
Entertainment Multimedia Music has reportedly purchased the music library of STX Entertainment in an eight-figure transaction. <\/strong><\/h2>\nThe deal between London- and Los Angeles-based Multimedia Music and Burbank-headquartered STX Entertainment just recently came to light in a report from Variety. At the time of this writing, however, neither of the involved companies appeared to have confirmed or elaborated upon the development with a formal release.<\/p>\n
In any event, Multimedia, which debuted towards 2021\u2019s end and has made clear its objective of buying \u201cmusic rights from commercially proven films and TV series,\u201d is said to have put up an eight-figure sum for the catalog of STX, as initially noted. The agreement reportedly extends to the latter company\u2019s master and publishing rights alike and arrives about nine months after Multimedia closed a separate deal for the IP of Atlantic Screen Music<\/a>.<\/p>\n(Atlantic Screen and Reservoir Media<\/a> in November of 2020 partnered to \u201cinvest in a series of film score and soundtrack projects together.\u201d)<\/p>\nAdditionally, Multimedia\u2019s newest investment reportedly encompasses the rights to the music from previously released films such as Den of Thieves<\/em>, The Foreigner<\/em>, Molly\u2019s Game<\/em>, and Bad Moms<\/em>. (STX branched out into television with FBoy Island<\/em> in 2021.) Excluded from the sizable play are the music rights behind future projects from STX, Netflix\u2019s forthcoming Joey Ramone<\/a> biopic among them.<\/p>\nAddressing the acquisition in a statement, Multimedia partner James Gibb indicated that the deal had come together \u201cin a very short timeframe.\u201d<\/p>\n
\u201cWe are thrilled to have secured this library of music created by some of the industry\u2019s leading composers,\u201d Gibb communicated in full. \u201cOver the past 10 years STX have repeatedly produced and released high-quality, commercial feature films. Thanks to [former Arista A&R higher-up and current STX president] Jason Markey and the STX team who were instrumental in getting this deal over the line in a very short timeframe.\u201d<\/p>\n
More broadly, besides representing the latest in a long and ever-growing line of catalog sales, the reported Multimedia-STX pact came to fruition just days after Cutting Edge raised $100 million<\/a> \u201cto help give the next wave of film and TV composers the opportunity to monetize their catalogues.\u201d <\/strong><\/h4>\nMeanwhile, different reports yet indicated one month ago that Warner Bros. Discovery was exploring the possibility<\/a> of offloading its own music library as part of a wider debt-reduction effort. But the business hasn\u2019t confirmed the rumored pursuit of a sale, which would reportedly come with a $1 billion+ price tag and multiple stipulations concerning the use of the soundtracks at hand.<\/p>\n<\/section><\/div>\n
(Atlantic Screen and Reservoir Media<\/a> in November of 2020 partnered to \u201cinvest in a series of film score and soundtrack projects together.\u201d)<\/p>\n Additionally, Multimedia\u2019s newest investment reportedly encompasses the rights to the music from previously released films such as Den of Thieves<\/em>, The Foreigner<\/em>, Molly\u2019s Game<\/em>, and Bad Moms<\/em>. (STX branched out into television with FBoy Island<\/em> in 2021.) Excluded from the sizable play are the music rights behind future projects from STX, Netflix\u2019s forthcoming Joey Ramone<\/a> biopic among them.<\/p>\n Addressing the acquisition in a statement, Multimedia partner James Gibb indicated that the deal had come together \u201cin a very short timeframe.\u201d<\/p>\n \u201cWe are thrilled to have secured this library of music created by some of the industry\u2019s leading composers,\u201d Gibb communicated in full. \u201cOver the past 10 years STX have repeatedly produced and released high-quality, commercial feature films. Thanks to [former Arista A&R higher-up and current STX president] Jason Markey and the STX team who were instrumental in getting this deal over the line in a very short timeframe.\u201d<\/p>\n Meanwhile, different reports yet indicated one month ago that Warner Bros. Discovery was exploring the possibility<\/a> of offloading its own music library as part of a wider debt-reduction effort. But the business hasn\u2019t confirmed the rumored pursuit of a sale, which would reportedly come with a $1 billion+ price tag and multiple stipulations concerning the use of the soundtracks at hand.<\/p>\n<\/section><\/div>\nMore broadly, besides representing the latest in a long and ever-growing line of catalog sales, the reported Multimedia-STX pact came to fruition just days after Cutting Edge raised $100 million<\/a> \u201cto help give the next wave of film and TV composers the opportunity to monetize their catalogues.\u201d <\/strong><\/h4>\n