One Media iP makes final payment for Philip Wesley catalogue

One Media iP Group updated the market on the acquisition of the music catalogue of composer and piano artist Philip Wesley on Friday, confirming that it had now made the final payment.

The AIM-traded firm had announced the purchase of Wesley’s entire catalogue on 19 September.

It said the final payment, of $0.1m, was retained as a deferred payment based on the successful performance of the deal.

“We are delighted to have completed the final part of this transaction, which is our largest intellectual property deal to date,” said chief executive officer Michael Infante.

“The catalogue of Philip Wesley has been a fantastic addition to our portfolio and is in line with our strategy of acquiring catalogues with proven popularity, longevity and growth in streaming revenue.”

Infante said that, following the company’s successful raise of £6m in August, it was now in the process of evaluating further acquisition opportunities, which would be executed primarily through its Harmony IP asset release programme.

“At the same time we are also looking at possibilities to scale our technical analysis copyright tool, ‘TCAT’, for wider use across the music industry.”

At 0805 BST, shares in One Media iP Group were flat, at 6.75p.