Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Mood Media sells off rest of Canadian retail music accounts to Stingray Digital

TORONTO - Mood Media Corp. is selling the remainder of its Canadian retail music accounts to a Montreal-based company for US$11 million.

Mood Media says the sale of the 8,000 accounts to Stingray Digital will allow it to focus on its core businesses, strengthen its balance sheet and help pay down debt.

The company has been moving away from background music and into digital signage and helping retailers use fragrances and scents as part of their marketing in stores.

Stingray Digital said it will be providing support and music programming services to retailers, such as Loblaws, Mark's, Aldo Shoes, among others. The bulk of the accounts are music, but some are digital signage, Stingray said.

In January, Mood Media sold its residential Latin American music division to Stingray for $16.3 million.

Stingray Digital is the owner of the Galaxie TV digital music service that's available via cable and satellite TV operators.

Late last year, 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.

"This is another important milestone for Mood Media and it underscores our commitment to unlocking the value of our assets and capitalizing on new opportunities to enhance returns for all of our stakeholders," Mood Media president and CEO Steve Richards said Friday.

Stingray Digital has more than 100 million subscribers in 113 countries. Its properties include Galaxie, Music Choice International, Concert TV and the Karaoke Channel as well as music licensing services.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates