Stingray Digital Group Inc (TSX: RAY.A-B) has acquired C Music Entertainment Ltd, a London, United Kingdom-based satellite and cable television channel focused on classical and cinematic music. No financial terms were released. Stingray, a business-to-business multi-platform music company, said the deal complements its existing classical and music video offering. Montréal-based Stingray raised $180 million in an initial public offering in 2015. It continues be a portfolio company of Caisse de dépôt et placement du Québec, Novacap, Telesystem and other investors.
Stingray Closes Acquisition of C Music Entertainment Ltd.
Stingray Grows its Music Video TV Channel Portfolio
Montreal, May 26, 2017 –Stingray Digital Group Inc. (TSX: RAY. A; RAY B.), a leading business-to-business multiplatform music provider, today announced that it has acquired C Music Entertainment Ltd. (“C Music TV”), a London-based, multi-award-winning satellite and cable television channel dedicated to classical, crossover, and cinematic music videos. C Music TV is distributed through pay TV, satellite, IPTV and mobile providers in 105 countries.
C Music TV makes classical and cinematic music accessible to a wide audience by replacing the traditional long-form format with short form music videos, many exclusive to the channel.
C Music TV complements Stingray’s existing classical (Stingray Brava, Classica) and music video offering (Stingray Juicebox, Stingray Vibe, Stingray Loud, Stingray Retro, Stingray Lite TV), making Stingray the undisputed leading provider of specialty music television channels for pay TV providers worldwide.
Under the terms of the agreement, Stingray will fully own and operate C Music TV with the continued direction of the company’s current leadership.
C Music TV Highlights
Launched in 2007
Distributed in 105 countries in Europe, Asia, Africa, Latin America, and the Middle East
Short-form content available in SD and HD
24/7 commercial-free programming
Winner of the Best Music Channel Award (Europe, Middle East & Africa) at the 2012 Eutelsat TV Awards
“C Music TV’s programming of beautiful and evocative classical and cinematic music videos is like nothing else on the market today and the perfect addition to our product offering,” said Eric Boyko, President, Co-founder, and CEO of Stingray. “With the acquisition of C Music TV, we are aggressively pursuing our strategy of building a portfolio of exciting specialty television channels that serves the needs and ignites the imagination of our clients and their subscribers. The worldwide growth in demand for quality pay TV content, such as produced by the C Music TV team, ensures our long-term profitability.”
“This deal is excellent news for the classical artists, musicians, and audiences we continue to serve worldwide. Under Eric Boyko and Stingray’s dynamic team, C Music TV can look forward to an exciting future,” added Julian Rigamonti, Founder of C Music TV.
For more information about C Music TV: http://www.cmusic.tv/
Stingray (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 400 million pay TV subscribers (or households) in 156 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray iConcerts, Stingray Brava, Stingray DJAZZ, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance, Stingray Karaoke, NatureVision TV, Yokee Music, Festival 4K, and Classica. 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 close to 350 employees worldwide, including in the United States, the United Kingdom, the Netherlands, France, Israel, Australia, South Korea, and Singapore. 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. In 2016, Stingray was awarded best IR for an IPO at the IR Magazine Awards – Canada. For more information, please visit www.stingray.com.
For more information, please contact:
Mathieu Péloquin, Senior Vice-President, Marketing and Communications, Stingray: 1 514-664-1244, ext. firstname.lastname@example.org
Photo courtesy of Reuters/Mike Blake