The company’s assets include Bogotá festivals Estéreo Picnic, Baum Festival and Knotfest Colombia.
The acquisition includes a royalty income stream of select recorded music assets, including the Billboard Hot 100 No. 1 hits “Hot in Herre” and “Dilemma.”
A consortium of buyers led by Sherrese Clarke Soares joins a pool of bidders for the Paramount network, including Tyler Perry and Byron Allen.
The Neon16 and Ntertain Latin music moguls rebrand the Arro agency as AM16.
Also this week: Sony Music Masterworks invests in live events producer Proactiv, music collaboration platform boombox.io raises funds and more.
Lior Tibon and Christopher Nolte’s new venture will provide funding in exchange for catalogs, individual tracks or parts of tracks.
The deal, which could give equity to the artist, involves the 60% stake controlled by the company’s Venezuelan founder, Rafael Ricardo Jiménez Dan.
Also this week: Snapchat reaches new music licensing deals, Young Miko’s label signs a distribution pact with Capitol Music Group and more.
The company will sell its 66.9% stake in the nightclub and restaurant company to Mohari Hospitality in a deal that values Tao Group at $550 million.
Also this week: NetEase renews its licensing deal with “Mandopop” label Rock Records, Symphonic enters the Web3 space and more.
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