TouchTunes and PlayNetwork Merge, Acquire El Media Assets
In-venue interactive music platform TouchTune and music and entertainment media provider PlayNetwork today announced an agreement to merge the two companies.
Details of the deal were not disclosed. Touchtone, which had raised $45 million, was acquired by Searchlight Capital Partners on April 2015.
"This acquisition opens a new chapter for both TouchTunes and PlayNetwork, and will create opportunities for fast-tracked growth across the product portfolio of both companies," said Eric Sondag, a partner at Searchlight.
Commenting on the deal, Ross Honey, TouchTunes’ President and CEO, said, "This agreement represents a major step forward in our global growth plan. PlayNetwork’s global reach, strong customer relationships, and approach to creating engaging music and media experiences are a perfect complement to TouchTunes, and will help us expand into new markets and offer new opportunities to our operator partners.”
TouchTunes also announced that it had acquired certain assets of El Media Group, a New York based background music and services provider.