One Media iP Group PLC (AIM:OMIP)'s share price rose 9% in early trading following its acquisition of the licensor's income share of the Entertain Me music catalogue, boasting over 15,000 tracks.
This collection, featuring iconic artists such as Gloria Gaynor, Louis Armstrong and James Brown, is anticipated to significantly enhance One Media's revenue and portfolio value.
CEO Michael Infante highlighted the strategic importance of the acquisition, emphasising its alignment with the company's focus on nostalgic music and consolidating income streams.
Funded through existing cash reserves, the purchase supports One Media's strategy of managing enduring music rights with consistent, long-term income potential. The catalogue's songs, spanning from the 1940s to the 1970s, are accessible on major streaming platforms.
At 9.51 am, the shares were changing hands for 6p, up 0.49p.