- Oct 24, 2009
- SONY MUSIC ENTERTAINMENT AND DADA STRENGTHEN THEIR STRATEGIC PARTNERSHIP
SONY MUSIC ACQUIRES A MINORITY STAKE IN DADA.NET IN EXCHANGE FOR ITS HOLDING IN DADA ENTERTAINMENT SONY MUSIC AND DADA SIGN A STRATEGIC INTERNATIONAL CONTENT DISTRIBUTION AGREEMENT New York, Florence – June 25, 2009 – Sony Music Entertainment and Dada, a leading international provider of web and mobile community and entertainment services, today announced that they have entered into a new strategic agreement which further strengthens their partnership. Sony Music is acquiring an equity interest in Dada.net S.p.A., the mobile music operation of Dada S.p.A. in exchange for its stake in Dada Entertainment LLC, the US-based mobile entertainment joint venture between the two companies. In addition Sony Music and Dada have entered into a broadened international content distribution agreement that enables Dada to offer a wider selection of products and services featuring content from Sony Music artists in a greater number of territories around the world. “We are pleased to be expanding our relationship with Dada to continue to build the market for mobile and web entertainment in the U.S. and around the world,” commented Thomas Hesse, President, Global Digital Business, U.S. Sales and Corporate Strategy, Sony Music Entertainment. “Our new content distribution agreement will give more consumers greater flexibility in how they consume music, and enable the development of innovative new products, and off-deck and on-deck mobile services featuring the highest quality content from Sony Music artists.” “Two years from the launch of the Joint Venture with Sony Music, with whom we have successfully collaborated in the development of an innovative digital entertainment offer in the United States and Canada, we have decided to further consolidate our strategic partnership,” commented Paolo Barberis, founder and Chairman of Dada. “The strengthening of relations with a major partner such as Sony Music once again demonstrates the potential of Dada Music: a musical ‘open platform’ increasingly central to a network which is implementing rapid changes and registers growing user number records.” *** About Dada S.p.A. Dada S.p.A.(dada.dada.net) is an international leader in Community and Entertainment services via web and mobile, as well as in Domain, Hosting and advanced online Advertising solutions. The company is organized into 2 business areas: Dada.net (www.dada.it, services focused on digital music) and Dada.pro (www.dada.pro, professional services and online advertising solutions). Dada is listed on the MTA market of Borsa Italiana (DA.MI) in the STAR segment. About Sony Music Entertainment Sony Music Entertainment is a global recorded music company with a roster of current artists that includes a broad array of both local artists and international superstars. The company boasts a vast catalog that comprises some of the most important recordings in history. It is home to premier record labels representing music from every genre, including American Recordings, Arista Nashville, Arista Records, Aware, Battery Records, Beach Street Records, Black Seal, BNA Records, Cinematic, Columbia Nashville, Columbia Records, Epic Records, Essential Records, Flicker Records, Fo-Yo Soul, GospoCentric, Hitz Committee Entertainment, J Records, Jive Records, LaFace Records, Legacy Recordings, Masterworks, Polo Grounds, RCA Records, RCA Nashville, RCA Red Seal, RCA Victor, Reunion Records, Slightly Dangerous, Sony Classical, Sony Music Latin, Star Time International, Verity Records, and Volcano Entertainment. Sony Music Entertainment is a wholly owned subsidiary of Sony Corporation of America.