Los Angeles-based livestream and on-demand content platform LiveXLive Media has entered into a binding Letter of Intent (LOI) to acquire artist and brand development company, Gramophone Media, Inc.
Founded by Eshy Gazit, New York-based Gramophone specializes in music PR, A&R, strategic marketing, ‘brand positioning’, graphic design, and social media management.
Gazit, who as an artist manager looks after K-Pop stars Monsta X, joined Live Nation-owned management conglomerate Maverick in 2019.
In addition to his work with Monsta X, Gazit is also perhaps best known for his work with K-Pop mega stars BTS, for whom he acted as US partner between 2016 and 2018.
As part of the acquisition, Gramophone Media’s team, including Gazit, who is the company’s President, Founder and sole shareholder, will remain with Gramophone Media after the closing of the deal, as will Patrick Ermlich (Co-founder and CMO).
The proposed acquisition is expected to close prior to the end of June 2021, subject to customary and other closing conditions.
Gramophone Media will operate as a wholly owned subsidiary of LiveXLive.
In addition to BTS and Monsta X, Gramophone Media’s current and past clients and platforms include Tiffany Young, Melii, Lil Simz, San Holo, Steve Aoki, Jazz Cartier, Kiiara, Zhu, Tessa Violet, Tayla Parx, Jesse McCartney, Joshua Radin, KT Tunstall, Ani DiFranco, Randy Jackson, WIX, Amuse IO and others.
The firm represents a roster of over 400 artists and platforms in total.
NASDAQ-listed LiveXLive says that the deal complements its online digital talent search platform, Self Made.
The company also adds that the acquisition is expected to “be immediately accretive to earnings” and adds a new component to its “flywheel” of complementary businesses.
The deal marks LiveXLive’s sixth acquisition, and follows the news in October that it was planning to buy merch company Custom Personalization Solutions in a $6m transaction.
“Gramophone Media is another outstanding addition to LiveXLive’s complementary businesses.”
Robert Ellin, LiveXLive
Robert Ellin, LiveXLive’s Chairman and CEO, added: “Gramophone Media is another outstanding addition to LiveXLive’s complementary businesses.
“As an artist-first platform, LiveXLive continues to aggregate synergetic businesses as well as experienced professionals who are positioned to assist and collaborate with artists on attracting superfans, building long-term franchises in audio music, podcasting/vodcasting, OTT linear channels, NFTs, merchandise, PPV, and live streaming.”
“Together, we can really add value to all of LiveXLive offerings as well as bring new artists to the platform.”
Eshy Gazit, Gramophone Media
Eshy Gazit, added: “We are super excited to join forces with LiveXLive and support the platform and its associated artists with all-encompassing PR services and development.
“The foundation of Gramophone media is supporting musicians of all levels to achieve notoriety and credibility.
“Together, we can really add value to all of LiveXLive offerings as well as bring new artists to the platform.”Music Business Worldwide