Two of the UK’s best-known media titans have joined the board of AIM-listed music and video streaming specialist One Media IP Group PLC (LON:OMIP).
Michael Grade has been appointed as non-executive director, while Ivan Dunleavy has taken up the role of non-executive chairman.
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Grade is the ex-chief executive of Channel 4 and former chairman of the BBC, ITV and Pinewood Studios, while Dunleavy ran Pinewood for 17 years until its sale in 2016 for £323mln.
“I am delighted to welcome Lord Grade and Ivan Dunleavy to the board of One Media. They bring a wealth of experience and an exceptional track record in the media industry,” said One Media chief executive Michael Infante.
“I look forward to progressing to the next stage in our development to enhance our position in the growing digital music market.”
Grade and Dunleavy’s appointments cement a relationship which began at the end of 2017, when the pair snapped up a combined £350,000 worth of shares in One Media at 2.5p apiece.
With the stock closing at 8.25p on Friday (April 6), they have already made a decent return on their investment.
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Heightened interest in One Media comes at a time when the music industry is in the middle of yet another sea-change in the way content is delivered, and Infante believes his company is at the forefront of this movement.
Forget purchases or downloads, subscription services and streaming are the way forward, which plays into the hands of companies with a catalogue of popular songs such as One Media IP.
The company has a string of artists from the fifties, sixties, seventies and eighties on its roster and every time one of its songs is streamed it gets paid a small amount.