SSL Ventures sells majority music archive to Treasure Music Island
SSL Ventures has active an acceding with Treasure Music Island Inc, acceding the aggregation a 75 per cent absorption in approaching acquirement streams of SSL Venture’s bequest music catalogue.
The agreement, which took abode on August 13, will see above CEO of C2W Music, Ivan Berry, and above Board Chairman Derek Wilkie owning the rights to control, administer, license, accomplishment and aggregate any gain generated from the catalogue.
Berry and Wilkie currently angle as arch shareholders of Treasure Music Island.
“As we said the adventure basic business archetypal is absolutely our focus. It wasn’t our ambition to abide in the music industry, so this plays in with that mandate,” CEO of SSL Ventures Drew Gray told the Jamaica Observer.
In barter for their administration role, neither Berry nor Wilkie will be paid a bacon but instead will be incentivised from successes of the operation.
SSL Ventures said it will absorb 25 per cent of the net receipts from the archive in the anatomy of royalties over the aing bristles years. SSL Ventures additionally has the advantage to extend the appellation of agreement.
SSL Ventures’ acceding with Treasure Music Island follows on the about-face takeover of loss-making music administrator C2W Music in July aback two C2W Music Ltd (MUSIC) directors, transferred shares totalling 215,978,588 units to Stocks and Securities Ltd bringing SSL’s absolute buying to 320,000,000 units or 80 per cent of absolute issued shares.
SSL Adventure Basic is already capitalised with US$850,000 but will go aback to the bazaar to accession added funds in adjustment to accounts approaching deals, while C2W aftermost appear abrogating disinterestedness of US$236,000.
“They do accept in the music catalogue, as far as sustainability goes we are not too anxious about its sustainability because that’s not absolutely our amount focus. We will be acceptable by ourselves as we attending to advance in key portfolios,” Gray told the Business Observer.
Already, SSL Ventures has articular three bounded companies for investment, but was tight-lipped on the details.
“We accept a assorted set of companies lined up so far,” the CEO said.
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