City National buys intellectual rights firm with entertainment focus
City National Bank in Los Angeles has acquired an intellectual rights and payments services provider in Studio City, Calif.
The $55 billion-asset unit of Royal Bank of Canada said in a press release that FilmTrack specializes in the entertainment industry. City National did not disclose the price it paid.
City National said the acquisition would strengthen its offerings to the entertainment industry, which has long been an important sector for the bank, by enhancing its ability to provide complex payments solutions and intellectual property rights management. FilmTrack's software simplifies and speeds services in these areas.
“Organizing contracts, tracking rights and making timely payments have become significantly more complicated with all of the changes taking place in the entertainment industry, and our company is able to offer unique and compelling solutions,” Kelly Coffey, City National's CEO, said in the release.
Jason Kassin, FilmTrack's co-founder and CEO, and the firm’s other executives have signed multiyear contracts, City National said. FilmTrack’s clients include major networks, studios and distributors.
“This acquisition benefits both companies,” Kassin said in the release. “It will allow us to provide our clients with an expanded offering of financial and payment services and software that allows them to competitively differentiate their businesses by helping them run more efficiently and securely.”
Coffey was at JPMorgan Chase before joining City National earlier this year.