PE-backed Stingray Digital to acquire Mood Media's DMX Media for $16.3 mln
Music services specialist Stingray Digital Group has agreed to buy DMX Media, the Latin American residential digital music services company owned by Austin, Texas-based Mood Media Corp (TSX: MM) (LSE AIM: MM), for $16.3 million. According to Stingray, the acquisition is the second largest it has completed to date, and increases its global reach to over 100 million subscribers in 113 countries. The Montréal-based company, which produces music and video content on multiple platforms, including digital TV, IPTV, the Internet, mobile apps and game consoles, is a portfolio investment of private equity firm Novacap Technologies, profiled by peHUB Canada in Dec. 2013, and technology investor Telesystem. Stingray ranked among the top 15 Canadian winners of last year’s Deloitte Technology Fast 50™.
