Wednesday, December 17th0.4°C
24562
24285

Mood Media sells Latin American music division to Stingray for $16.3 million

TORONTO - Mood Media Corp. (TSX:MM), a provider of scents and digital signs to the retail industry, is selling off its residential Latin American music division to a Montreal-based company for $16.3 million.

Stingray Digital, owner of the Galaxie TV digital music service, will buy the operations as part of an expanded supply agreement between the two companies for music.

The Latin American division broadcasts music channels to satellite and cable operators in South America, quite similar to its Galaxie service in Canada

Stingray, a privately owned company, will now deliver music to more than 100 million subscribers in 113 countries worldwide.

The transaction comes as Mood Media looks for parts of its business it can sell while expanding the number of partnerships it has with other businesses.

Earlier this week, the company appointed Claude Nahon as president of its international operations.

"This transaction strengthens our balance sheet as we execute our strategy to broaden audio, visual, mobile, scent and experiential solutions to support current and prospective clients," president and CEO Steve Richards said in a release.

"We are pleased to achieve this milestone, further underscoring Mood's commitment to delivering growth and enhanced returns for stakeholders. "

Mood Media has been moving its priorities away from music and into scents and digital signage for clients like W Hotels, Crate & Barrel and Tommy Hilfiger.

Under the agreement, Mood will receive a $10-million cash payment and an intercompany settlement of $1.4 million between the partners. The rest of the money will come when certain key performance indicators are reached over 18 months.

A spokesman for Stingray said the company is also developing smartphone apps to deliver music to listeners outside their homes.

Last month, Stingray signed an expanded agreement with Mood Media to supply music to an additional 7,500 additional Mood commercial locations, making it the largest provider of background music to about 70,000 Canadian retail stores.

Mood Media shares gained two cents to 78 cents in Friday afternoon trading on the Toronto Stock Exchange.

The Canadian Press


Read more Business News

23954


Recent Trending




Today's Market
S&P TSX14213.88+352.36
S&P CDNX659.00+16.65
DJIA17356.87288.00
Nasdaq4644.312+96.477
S&P 5002012.89+40.15
CDN Dollar0.8593+0.0005
Gold1197.60+3.2999
Oil56.50+0.03
Lumber337.20+3.00
Natural Gas3.709+0.007

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27+0.04
Cantex0.03-0.005
Anavex Life Sciences0.1659-0.0241
Metalex Ventures0.05-0.005
Russel Metals27.18+1.03
Copper Mountain Mining1.54+0.11
Colorado Resources0.105-0.005
ReliaBrand Inc0.0199+0.0065
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.22+0.02

 
23744


23955

FEATURED Property
1882641#110 -- 5080 Snowbird Way
3 bedrooms 2 baths
$399,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...


Housing prices to skyrocket?

As most of you know, this column was started with a focus on Okanagan real estate. Over time, more and more columnists started covering the real estate sphere and so it morphed in to a personal colum...

_



24437

24111


Member of BC Press Council