James Newton Howard

There’s yet another well-funded new kid on the music rights-buying block: UK-based company Multimedia Music. Yesterday it announced a $100m-plus round of funding, which it plans to use to buy catalogues of music, film and TV rights. Its first deal spans a couple of those areas: the acquisition of the music income and copyrights from film-music composer James Newton Howard (pictured).

The funding for the company comes from institutional investors Metropolitan Partners Group and Pinnacle Bank, while Multimedia Music’s team is drawn from companies deeply embedded in the soundtracks world including Cutting Edge Music and Atlantic Screen Group.

That points to the potential for further deals with composers like Howard, which could ensure Multimedia Music carves a niche for itself against competition still focused more on traditional songwriters.

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