Music and video rights acquirer, One Media Publishing, has acquired the rights to the 21 Vision Ltd. Classical catalogue for £104,000 in cash. This deal, the second largest ever by the company, includes works by over 150 composers including Mozart, Tchaikovsky, Bach, Schubert, Brahms, Liszt, Vivaldi, Beethoven and many others. There are more than 8,000 tracks in the package, amounting to over 800 hours of music. The deal follows the company having digitally marketed the recordings over the last 18 months.

At a mid-price of 3p One Media Publishing is capitalised at £1.3 million and trades on a multiple of 15 times historic earnings. Given the excellent growth being posted (pre-tax profits for the half-year ended 30th April 2011 up 44.5% to £151,123), as well as the introduction of a maiden interim dividend (plus a second interim dividend earlier this month), we believe the shares look good value. Net cash of £216,017 as at 30th April 2011 covers almost 17% of the market cap and the historic price to operating cash flow multiple is less than 2.3 times. Buy.

* Funds managed by a subsidiary of Rivington Street Holdings, the ultimate owner of this website, own shares in One Media Publishing.