CORAL SPRINGS, Florida, October 13, 2015 /PRNewswire/ --
Music Streaming, Product Stores and Industry Production Enterprises focus on becoming more competitively positioned for 4th Quarter as positive development of operations and expansions fuel revenue potential growth. Companies in focus with recent developments are Ovation Music & Studios, Inc. (OTC: OVMS), Pandora Media Inc. (NYSE: P), SFX Entertainment, Inc. (NASDAQ: SFXE), EMC Corporation (NYSE: EMC) and Sony Corp. (NYSE: SNE)
Ovation Music & Studios, Inc. (OTC: OVMS) signed a lease in June and in September started construction to open a new location in Gallatin, Tennessee, just outside of Nashville. Nashville is the "home of country music", and is a major music recording and production center. The music industry's major recording and labels, including Universal Music Group, Capital Records, Sony Music Entertainment, Warner Music Group, EMI Group, as well as numerous independent labels, have recording studios and offices in Nashville.
Read the full OVMS Press Release at http://www.financialnewsmedia.com/profiles/ovms.html
The Company has begun the build out of the location, and has hired Elijah Ellis to manage the location. Elijah Ellis is a well known Nashville musician, formally a touring blues musician, and vintage instrument collector and trader. The Company initially plans to build location territories around the South Florida and Nashville, Tennessee markets. Keith De Tone, the Company's CEO & Chairman stated, "This is the first step in establishing the Ovation footprint in the Nashville market. We cannot be more excited about Ovation being part of the Nashville music scene and a music educator in this market."
In other music/entertainment happenings and recent developments: Pandora (NYSE: P), the world's most powerful music discovery platform, recently announced it has entered into an agreement to acquire Ticketfly, Inc., a leading live events technology company, to create the definitive music platform for connecting fans, artists and event promoters. The move is the latest step toward achieving Pandora's mission to help artists find their audience and help listeners find the music they love-whether it's coming through their earbuds or live on stage. Ticketfly provides ticketing and marketing software for approximately 1,200 leading venues and event promoters across North America and makes it easy for fans to find and purchase tickets to events. The transaction is valued at approximately $450 million, subject to certain purchase price adjustments, with a nearly equal balance of cash and stock. A comprehensive study of Nashville's music and entertainment industry shows it has a $10 billion annual economic impact on the Nashville region. Nashville area has more music industry jobs than any other U.S. city in relation to population and total employment, even more than New York or Los Angeles. The music industry helps create and sustain more than 56,000 jobs in the Nashville area, supporting more than $3.2 billion of labor income annually.
At the beginning of October, SFX Entertainment, Inc. (NASDAQ: SFXE) announced that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman ("Sillerman"), the Company's Chairman and Chief Executive Officer, has set an initial bid deadline ofOctober 14, 2015 for third-parties to submit their proposals to acquire the entire Company or assets not central to the Company's core business. The committee's decision results in a two week extension to the initial target bid date of October 2, 2015 in an attempt to give all parties sufficient time to complete their due diligence review following events occurring in September 2015, including the closing of the Company's financing transactions on September 17, 2015 and the conclusion of the Fall festival season. The committee will finalize the bidding process as expediently as possible. Pursuant to a voting agreement between Sillerman and his affiliates and the Company, Sillerman has agreed to vote all shares beneficially owned by him in favor of a transaction involving the sale of the Company that is recommended by the special committee. Such voting agreement terminates on December 31, 2015, provided that if the Company enters into a definitive agreement prior to such date, subject to terms and conditions as set forth in the voting agreement, Sillerman will vote in favor of the recommended transaction following the execution of such definitive agreement. A copy of the voting agreement and a summary thereof are provided in the Company's Current Report on Form 8-K filed with the SEC on September 22, 2015.
Dell Inc. and EMC Corporation (NYSE: EMC) announced the companies have signed a definitive agreement under which Dell will acquire EMC. The deal is valued at roughly $67 billion, which is the largest technology acquisition ever to occur. - Dell is to pay $24.05 per share in cash plus tracking stock in EMC's publically traded subsidiary, VMware Inc. (VMW - Snapshot Report), valued at roughly $9 for each EMC share, each company reports in their statements made today. The combined total price of $33.15 per share is 28% above EMC's closing share price on October 7th. Not too long afterwards, news began circulating of this then proposed deal. The acquisition makes sense for the evolution landscape of personal computing. Cloud based storage is where many users are saving their documents and photos, and cloud based applications, especially music streaming, is how users stay connected to the latest trends. - See more at: http://www.zacks.com/stock/news/193262/dell-acquires-emc-for-67-billion#sthash.8AX93rDo.dpuf -
Sony Corp. (NYSE: SNE) is moving closer to selling off its half of Sony/ATV Music Publishing, after recently triggering a clause in its contract with its co-owner, the Michael Jackson estate, that allows one party to buy out the other, according to people familiar with the matter. The world's biggest music-publishing company, Sony/ATV is co-owned by Sony and the estate of the late pop star. Sony and Mr. Jackson-and after his 2009 death, his estate-have jointly owned the company since 1995, each with a 50% stake.
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