Ostereo Acquired by Hollywood's Create Music Group
Deal News | Nov 26, 2024 | Business Cloud
Create Music Group, a prominent Hollywood record label, has acquired Ostereo, a Manchester-based MusicTech firm. The acquisition adds to Create Music Group's growing portfolio, following their prior acquisition of Music for Pets. Howard Murphy, the founder of Ostereo, will be exiting as his company becomes part of Create Music Group. Moving forward, Ramin Bostan and Nick Kirkby will oversee Ostereo's operations. This acquisition aligns with Create Music Group’s portfolio expansion strategy, following their significant capital raising of $165 million, which valued the company at $1 billion. Ostereo, recognized for its innovative use of data analytics to discover and develop artists globally, complements Create Music Group's ambitions. The acquisition will support Ostereo's continued artist development efforts leveraging Create Music Group's infrastructure and global network. CEO Jonathan Strauss expressed enthusiasm for integrating Ostereo into their ecosystem, anticipating opportunities for further growth and success.
Sectors
- Music Industry
- Technology
- Private Equity & Investments
Geography
- United States – Create Music Group is based in Hollywood, indicating significant activity within the U.S. music and investment markets.
- United Kingdom – Ostereo is based in Manchester, UK, making it a relevant geography for the acquisition.
Industry
- Music Industry – The article discusses the acquisition of a music company, Ostereo, by Create Music Group, indicating the involvement of the music industry.
- Technology – Ostereo is described as a MusicTech firm that uses data analytics for artist development, thus engaging the technology sector.
- Private Equity & Investments – Create Music Group's strategic acquisition and previous capital raise highlight the involvement of investment activities in the industry.
Financials
- $165 million – The amount raised by Create Music Group in its latest funding round, which valued the company at $1 billion.
- $1 billion – Create Music Group's valuation following its recent capital raise.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ostereo | Target Company | Company | A Manchester-based MusicTech firm focused on artist development through data analytics. |
| Create Music Group | Acquiring Company | Company | A Hollywood-based record label expanding its portfolio through strategic acquisitions. |
| Howard Murphy | Founder & Exiting CEO of Ostereo | Person | Founder of Ostereo who exits post-acquisition to pursue new endeavors. |
| Ramin Bostan | COO of Ostereo | Person | Will oversee day-to-day operations at Ostereo post-acquisition. |
| Nick Kirkby | Operational Lead at Ostereo | Person | Works alongside Ramin Bostan to manage Ostereo operations. |
| Jonathan Strauss | CEO of Create Music Group | Person | Founder and CEO of Create Music Group, overseeing the acquisition. |