Clear Channel Radio to Acquire Thumbplay’s Cloud-Based Music Service

Clear Channel Radio is in acquisition mode.

The juggernaut digital and terrestrial radio company announced Tuesday that it has reached an agreement with digital music company Thumbplay, Inc. to acquire its cloud-based music service, platform and team of mobile technology, product and marketing experts.

Despite the sweeping nature of the acquired products and services, the acquisition does not include Thumbplay’s ringtone business.

Terms of the agreement were not immediately disclosed.

According to formal comments from Clear Channel on the acquisition, the investment will enable Clear Channel to leverage Thumbplay’s state-of-the-art music technology and services, and combine the efforts of both the Clear Channel and Thumbplay technology, product and marketing teams to accelerate development and growth of the next generation of Clear Channel’s iHeartRadio digital products.

Thumbplay will also give Clear Channel the capability to deploy a variety of subscription services as the company moves quickly to leverage its significant radio assets across all digital platforms, including the Internet, automotive and mobile devices.

According to Robert Pittman, Chairman of Media and Entertainment Platforms for Clear Channel, the acquisition of Thumbplay’s music business represents “a key element in Clear Channel Radio’s aggressive digital strategy. It will capitalize on our powerful iHeartRadio platform and ensure that our listeners have the radio and music experience they want, on whatever device or platform they prefer.”