Sony announced on Monday that it recently sold off its ownership of Gracenote to Tribune Company for $170 million. Gracenote isn’t exactly a consumer-facing name, though it’s used in music services around the world and by some of the largest consumer tech brand names. It powers Xbox Music, for example, and is also used in LG Smart TVs.
Gracenote is huge: 550 million music queries pass through its system daily, and it has meta data for both video and music content for more than 180 million music tracks and information that provides data on TV listings in more than 30 countries, the company’s site says. Sony, meanwhile, likely sold Gracenote in an effort to raise capital. The company will receive a $60 million gain once the sale is finished, it said, and expects the deal to close by March 31 of next year.
Tribune is a large media company that owns TV and radio stations as well as several news outlets. The company hasn’t discussed its plans for Gracenote yet, however.