NEW YORK--(BUSINESS WIRE)--TouchTunes, the largest in-venue interactive music and entertainment platform in North America and PlayNetwork, the leading global provider of music and branded entertainment media, today announced a definitive agreement to merge their businesses. The companies will leverage their complementary, best-in-class products and services to accelerate innovation and growth and to help their customers and partners increase revenue and consumer engagement.
Commenting on the deal, Ross Honey, TouchTunes’ President and CEO, said, "This agreement represents a major step forward in our global growth plan. PlayNetwork’s global reach, strong customer relationships, and approach to creating engaging music and media experiences are a perfect complement to TouchTunes, and will help us expand into new markets and offer new opportunities to our operator partners.”
Craig Hubbell, CEO of PlayNetwork said, “Our merger combines two best-in-class companies to become a global market leader for music and media services. Together we have the financial strength and expertise to better serve our customers with the expanded products and service capabilities they need to increase consumer engagement, in venue and beyond.”
Eric Sondag, a Partner at Searchlight Capital Partners added, "This acquisition opens a new chapter for both TouchTunes and PlayNetwork, and will create opportunities for fast-tracked growth across the product portfolio of both companies."
In addition, TouchTunes also announced that it had acquired certain assets of El Media Group, a New York based background music and services provider.
TouchTunes is the largest in-venue interactive music and entertainment platform, featured in more than 63,000 bars and restaurants across North America and 74,000 globally. TouchTunes' platform provides location-based digital solutions that encourage social interactions through shared experiences. Music is the core of TouchTunes' experience, with millions of songs played daily across the network and a mobile app that lets users find nearby jukebox locations, create playlists, and control the music in-venue directly from their phone. The mobile app is available on iTunes and Google Play, and has been downloaded seven million times. TouchTunes' award-winning products and services also include an integrated photo booth, the first fully-licensed commercial karaoke system, and an interactive TV messaging and engagement solution. TouchTunes Media is a highly scalable digital out-of-home activation platform that provides targeted advertising and promotional opportunities for consumer brands. TouchTunes is headquartered in New York City, with offices in Chicago, Montreal, London and Vancouver.
PlayNetwork helps brands engage consumers through entertainment media, in-store and beyond. These experiences add emotion to omni-channel touch points that strengthen the connection with customers and influence lifetime value. Clients work with PlayNetwork for creative strategy development, branded music curation and global licensing, original video production, messaging, audio/visual systems engineering and installation, technology and software development, and more. They partner with over 400+ brands across 110,000+ locations in 120+ countries, reaching more than 100 million people every day. www.playnetwork.com.
About Searchlight Capital Partners, L.P.
Searchlight is a global private investment firm with offices in New York, London and Toronto. Searchlight invests in businesses where its long term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.