Official: Live Nation to acquire Signatures Network
Michael Cohl, Chairman and Chief Executive Officer of Live Nation Artists, announced today that the company has entered into a definitive agreement to acquire Signatures Network, Inc, the global leader in music merchandise holding master merchandise licenses for some of the most successful artists in music.
The deal – anticipated by a report on the New York Post last month and has now officially disclosed – secures Live Nation’s position in the global artist merchandise space. “This acquisition is a key component to our strategy to build a unified business around touring artists, managing their rights holistically and helping them reach their true potential,” said Cohl
“I am thrilled to join Live Nation Artists and be a part of the revolutionary team that is transforming the music industry,” said Signatures Network’s Chief Executive Officer Dell Furano, who will head up Live Nation Artists’ Merchandise Division. “The management team at Live Nation are trailblazers in their field – setting new standards of how business is done and establishing new benchmarks for success. The Merchandise Division will be no exception and I’m looking forward to the ride. I share Live Nation’s vision in building out the artist’s fan franchise and maximizing all marketing and revenue sources.”
Signatures is renowned as a world leader in developing and marketing merchandise and web-based products, combining the online sales of music, tickets, merchandise and subscription services in addition to tour and third-party licensing and “brick and mortar” wholesale/retail services. Signatures Network holds the rights to market and license a diverse array of more than 150 major music artists in all genres and has expanded its core business by offering print-on-demand merchandising and custom manufacturing, allowing music fans to create unique one-of-a-kind products.
The definitive agreement announced today calls for Live Nation to acquire Signatures Network for a total of approximately $79 million in cash, stock and repayment of debt, before working capital adjustments in a transaction expected to close later this year.
From a Live Nation, Inc. press release.