Loop Media Acquires Eon Media Group in Singapore
San Fernando Valley Business Journal
Loop Media Inc. has acquired Eon Media Group from Ithaca Holdings, a media company with interests in music, tech, film and television.
Financial terms of the acquisition were not disclosed. The Glendale short form video distributor had previously taken a 20 percent stake in Eon Media Group in Singapore, announced in December.
The acquisition by Loop Media is intended to allow for international expansion of Eon’s Asia Pop40 brand, a weekly syndicated radio program in more than 100 markets. Loop Media will bring Asia Pop40 to television and launch it in additional regions worldwide, including the U.S., U.K. and Latin America, the company said.
“The completion of the purchase of EON Media and the opportunity to work with its founder, Rob Graham, gives Loop Media a tremendous advantage in terms of presence thanks to EON Media’s powerful existing platform that it has developed since 2013,” said Loop Media Chief Executive Jon Niermann in a statement.
Graham will remain chief executive of EON Media which is now a wholly-owned subsidiary of Loop Media.
Ithaca Holdings, founded by Scott “Scooter” Braun, manager of Justin Bieber, Ariana Grande and Demi Lovato, among others, is owned by HYBE, a South Korean entertainment lifestyle platform company. Ithaca was acquired by HYBE in April.
After Loop’s initial investment in EON in December, Braun and two others from his companies joined the San Fernando Valley company’s advisory board. They will remain as board members.
Shares of Loop Media (LPTV) closed up 35 cents, or more than 14 percent, to $2.80 on the over-the-counter market.