Press releasesJuly 23, 2015
Stingray Digital Group Inc. (TSX: RAY.A; RAY.B), a leading business-to-business multi-platform music and in-store media solutions provider, today announced that it has agreed to acquire all of the issued and outstanding shares in the share capital of Brava NL BV, Brava HDTV BV and Djazz TV BV, distributors of three successful thematic channels dedicated to high-end music and cultural content distributed to an estimated 35 million subscribers in 50 countries in Europe, Africa, the Middle-East and the Caribbean. The transaction is subject to customary closing conditions and is expected to close in the coming weeks.
The all-cash transaction includes an initial payment of approximately $8 million plus potential earnout and performance based milestone payments totalling $3 million. Under the proposed terms of the agreement, Stingray will fully own and operate Brava NL, Brava HD and DJAZZ.tv.
These three strategic acquisitions are anticipated to be accretive to Stingray’s earnings in the first year and will accelerate the company’s presence in the global market while further diversifying its already comprehensive portfolio of products.
“These acquisitions mark an important advance in our expansion strategy and accelerate our growth following the earlier successful European acquisitions of Music Choice International and the Archibald Media Group,” stated Eric Boyko, President, CEO and co-founder of Stingray. “Stingray is always on the lookout for opportunities to further expand its global footprint and diversify its highly-successful offering. We will leverage these three channels to strengthen our relationships with Pay-TV operators and their subscribers worldwide, and to solidify our position as the leading B2B provider of quality music products and services.”
Robert Rutten, Chief Operations Officer and Rob Overman, Chief Creative Officer, will join Stingray and continue to manage and grow the distribution of the aforementioned channels. “Stingray’s significant distribution worldwide will allow us to reach our goal of bringing classical music and jazz to music lovers and TV subscribers worldwide,” said Rob Overman of the Brava group.
The Dutch-based Brava Group is renowned for its commitment to quality programming and is recognized as a specialist in the creation of channels aimed at discerning international audiences.
Brava NL and Brava HD
The world’s only music channels dedicated to programming live opera, ballet and classical music performances. Brava was the first European channel to broadcast in HD and Dolby Digital Audio sound quality. For more information: https://www.bravahd.com/
The first and only channel in the world dedicated to jazz and related music genres. The channel’s programming consists of live jazz, funk, reggae, soul, gospel, blues and world music performances as well as portraits, films and documentaries. For more information http://www.djazz.tv/
All three sister channels present content without talk, advertising or interruptions.
Stingray Digital Group Inc. (TSX: RAY.A; RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 110 million Pay-TV subscribers (or households) in 111 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance and Stingray Karaoke. Stingray also offers various business solutions, including music and digital display-based solutions through its Stingray Business division. Stingray is headquartered in Montreal and currently has over 235 employees across the world, including in Toronto, Miami, London, Amsterdam and Tel Aviv. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte’s Technology Fast 50TM list, and figures amongst PROFIT magazine’s fastest-growing Canadian companies. For more information, please visit www.stingray.com.
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Senior Vice-President, Marketing and Communications
1 514-664-1244, ext. 2362