Toronto-headquartered rights management firm Ole has acquired music agency Jingle Punks in a deal that will merge the companies’ production music libraries.
According to a release from Ole, the acquisition folds the company’s production music repertoire into Jingle Punks’ existing catalog, doubling the latter New York-headquartered music shop’s offerings.
The transaction “creates one of the world’s largest production music libraries and underpins Jingle Punks’ juggernaut brand with global reach via Ole’s distribution network and world-class infrastructure,” reads the release.
In addition, through the deal, Jingle Punks gains access to Ole’s global digital rights collection and over-the-top (OTT) rights capabilities, opening “cross-platform business development and services opportunities for both companies.”
The financial terms of the deal have not been disclosed.
Jingle Punks’ offices in New York and LA will continue under the leadership of founders Jared Gutstadt (pictured, left) and Dan Demole (right), while the company’s Nashville outpost is to be folded into Ole’s local operation.
“Ole looks forward to working with Jingle Punks towards a future that combines our respective strengths to great advantage and for the benefit of our clients,” said Robert Ott, CEO and chairman of Ole, in a statement. “Jared and Dan are great entrepreneurial talents who have built the most exciting brand in production music history, and we look forward to increased profitability together.”
Demole, COO and founder of Jingle Punks, added: “This is the kind of deal we’ve dreamed of since our founding in 2008: working with an independent and entrepreneurial company such as Ole that, like Jingle Punks, has asserted itself as a leader in their space by aggressively breaking conventions.”
Gutstadt added: “Ole’s sensibilities are keenly matched with ours. We continue to focus on the core assets and core capabilities of our business and grow.”