Music-rights management company Downtown Music Holdings has finalized an agreement to acquire AVL Digital Group, expanding the company's portfolio of music distribution, rights management and artist services.
The New York–based company will acquire a long list of AVL clients, including more than 900,000 artists, labels and artist-services businesses, such as AdRev, CD Baby, DashGo and Soundrop.
AVL's portfolio distributes and monetizes more than 10 million tracks across streaming services such as Apple Music, Spotify and YouTube.
"AVL's technology, diverse offerings and artist-first approach are well-positioned to power some of the fastest-growing segments of the industry," said Downtown Founder and CEO Justin Kalifowitz in a statement.
Downtown Music Holdings has the rights to more than 100,000 compositions by artists such as John Lennon, One Direction and Cy Coleman via its Downtown Music Publishing division.
Downtown's royalty collection provider, Songtrust, is one of the most widely used applications in the industry, serving more than 170,000 songwriters and music publishers across 1.6 million copyrights.
AVL's digital distribution businesses will continue to operate as separate subsidiaries of Downtown Music Holdings.
As a result of the acquisition, Downtown's footprint will include 300 employees spanning 14 markets in North America, Europe, Asia, Australia and Latin America.
The acquisition is expected to close in early April.