Dick Clark Productions For Sale?
Red Zone Capital, the owner of Dick Clark Productions, which produces the annual American Music Awards and Academy of Country Music Awards, among other shows, has hired investment bank the Raine Group to help evaluate a potential sale of the company, according to a report in The New York Times. Red Zone Capital says potential buyers could include Chinese media companies and private equity firms. The namesake of the company, Dick Clark, died in April. (6/14)
Apple To Shutter Ping
Apple has revealed plans to shutter Ping, its social network and music recommendation service, following the next update to iTunes this fall, according to sources reported by Billboard.biz. Launched in September 2010, Ping allowed users to follow and receive updates from artists and friends, but lacked the activity and community necessary to build a social network. Apple's future social media plans will include better Facebook and Twitter integration through its devices when iOS 6 is released this fall. (6/14)
UK's PPL Posts Record Revenues
UK music licensing body PPL's licensing fee income increased 7 percent to $238 million in 2011, the best annual results in the organization's 78-year history, according to a Billboard.biz report. Additionally, PPL's distribution revenue grew 5 percent to $203.3 million, broadcast and online revenue grew 7 percent to $102.9 million, and public performance revenue increased 10 percent to $69.3 million. (6/14)