Too Lost – Xelon Entertainment

MN-65045

TL Aus Bidco Pty Ltd (**Too Lost**) is proposing to acquire 100% of the shares in Xelon Entertainment Pty. Ltd. (**Xelon**) (the **Acquisition**). Too Lost is an independent music distribution and services platform based in the USA. Too Lost’s platform provides global distribution services using technology designed to support independent music entrepreneurs in building scalable and sustainable businesses. In addition to core distribution services, Too Lost provides financial advances to artists and labels, and invests in music catalogues. In Australia, Too Lost predominantly operates through its subsidiary, GYROstream Holdings Pty Ltd (**GYRO**), which distributes music for independent artists and labels on digital streaming platforms (**DSPs**) such as Spotify, Apple Music, Amazon Music, YouTube Music, Deezer, TIDAL, and social media platforms Meta and TikTok. GYRO also collects and distributes royalties from these DSPs. Too Lost also operates in Australia on a standalone basis and its full suite of services is available to Australian artists which includes standard distribution services and for certain artists, more hands-on promotional and release management services. Xelon is an Australian digital music aggregator and distributor. Xelon also provides a range of services to recording artists, including music publishing, music marketing, artist development, music promotion, record label management, label services, music royalty administration, YouTube MCN/CMS management and sync services.