SourceAudio says it agreed to sell itself nearly a year ago, but Utopia has refused to finalize the deal.
Mega TV airs around three dozen original programs on affiliate stations in Puerto Rico and the mainland U.S.
The label that developed Migos, Lil Baby and others will now fall under HYBE America and the leadership of CEO Scooter Braun.
The deal values 7digital at a 114% premium over the prior day's closing price.
Also this week: Spotify signs an international licensing deal with Rotana Music, Premier Music Group closes a financing round and more.
More digital consumption — from a multitude of sources — and improving margins are positive news for catalog valuations.
Also this week: TikTok signs a licensing deal with Rotana Music Group, WMG partners with digital fashion retailer DRESSX and more.
The purchase of the royalty processing firm is the latest development in the company's efforts to become a service-focused operation.
The purchase includes Lillywhite's share of royalties from albums by U2, Dave Matthews Band, The Rolling Stones and more.
The music investment firm shows global ambitions by acquiring the catalog through a new U.S. subsidiary.
