One Media iP Group PLC (AIM:OMIP, FRA:1M9) has acquired some catalogue rights from Mike Bennett, a music producer and long-time licensor to One Media.
The digital music rights acquirer, publisher and distributor has acquired the percentage of the licensor's royalty share of the income in the Mike Bennett Productions catalogue of rights, which contains the income derived from more than 6,000 recordings supplied by Mike Bennett and his respective partners.
One Media did not reveal the consideration for the acquisition other than to say it was “modest”.The deal means the percentage amount that One Media was previously paying to Mike Bennett in royalty fees will now be retained by the group; while not adding to turnover, the retention of royalties payable will flow to the bottom line in cost savings, One Media told investors.
The recordings feature many 'backing tracks' and 'karaoke songs' together with some live albums or re-recordings performed by the Rubettes, the Stranglers, Wee Papa Girl Rappers and Wishbone Ash.
"Mike Bennett (an industry musicologist and producer) has had a long association with One Media and has produced many of the company's audio/visual books that featured Rik Mayall, Bobby Davro and Anita Harris,” revealed Michael Infante, the chief executive officer of One Media.
“The latest recordings for One Media produced by Mike was his work with Neville Staples of the Specials performing the John Lennon hit 'Imagine' in a Ska style. His talents extended to creating the reimagined rewriting of Edgar Allen Poe in 'PoZest' (a stage show featuring Dr & the Medics/Clive Jackson) distributed by One Media. Mike's work on Glamnesia (an A to Z on Glam Rock of the 70's) is set to become a definitive audio encyclopedia/documentary on the changing styles of music across that decade,” Infante declared.