Music producer Warner Music Group (WMG) has bought IMGN Media, a US-based online content provider backed by entertainer manager United Talent Agency (UTA) and media companies Dick Clark Productions and Keshet.
Although the size of the transaction was undisclosed, sources close to the transaction told Music Business Worldwide that WMG paid roughly $85m for the company.
Founded in 2015, IMGN Media produces creative content in areas including entertainment, esports and mobile games targeted at Millennial and Generation Z audiences.
The company is best known for making video clips and memes for social platforms such as Instagram, Snapchat and TikTok. WMG plans to leverage IMGN’s social media insights in a bid to strengthen its understanding of the youth market.
IMGN had raised $3m in a mid-2018 series A round featuring UTA subsidiary UTA Ventures and KDC Media Fund, a joint venture between Dick Clark Productions and Keshet, that doubled its total funding to $6m.
Big Block Media, Dot Capital, Rhodium and individual investors including Ron Zuckerman filled out the participants in the series A round.
Barak Shragai, chief executive of IMGN, said: “WMG not only offers us greater investment and support, but an entrepreneurial environment to continue growing our business, with the people running our accounts having editorial independence. We are excited to partner with them as we take our company into the future.”
