Tribune Co. is buying Gracenote, a music data business, from Sony Corp. for $170 million, the companies said Monday.
Gracenote tracks metadata for music to help music streaming services, smart phones and tablet applications. Its database gets 550 million look-ups each day and more than 16 billion every month. Gracenote is headquartered in Emeryville, Calif.
Tribune said that it will combine Gracenote with its Tribune Media Services business, which manages television and movie metadata, creating one of the largest entertainment metadata companies in the world.
The deal is expected to close in the first quarter of 2014.
Tribune shares added 74 cents to reach $77.45 by midday. Sony shares added 28 cents to $17.84, slightly outpacing broader market gains.
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