The companies will leverage their complementary, best-in-class products and services to accelerate innovation and growth and to help their customers and partners increase revenue and consumer engagement.
Commenting on the deal, Ross Honey, TouchTunes’ President and CEO, said, "This agreement represents a major step forward in our global growth plan. PlayNetwork’s global reach, strong customer relationships, and approach to creating engaging music and media experiences are a perfect complement to TouchTunes, and will help us expand into new markets and offer new opportunities to our operator partners.”
Craig Hubbell, CEO of PlayNetwork said, “Our merger combines two best-in-class companies to become a global market leader for music and media services. Together we have the financial strength and expertise to better serve our customers with the expanded products and service capabilities they need to increase consumer engagement, in venue and beyond.”
Eric Sondag, a Partner at Searchlight Capital Partners added, "This acquisition opens a new chapter for both TouchTunes and PlayNetwork, and will create opportunities for fast-tracked growth across the product portfolio of both companies."
In addition, TouchTunes also announced that it had acquired certain assets of El Media Group, a New York based background music and services provider.