Stingray Digital Group Inc (TSX: RAY.A, RAY.B) has agreed to buy Switzerland’s iConcerts, a television channel focused on live music that reaches 250 million households around the globe. No financial terms were released. Stingray, a Montréal-based multi-platform music and in-store media solutions provider, said the deal will make it “the world’s largest broadcaster of live music concerts on television.” Stingray raised $179.5 million in an initial public offering earlier this year. It continues be a portfolio company of Canadian private equity firm Novacap, Telesystem and other investors.
Stingray Acquires iConcerts
Stingray Now the World’s Largest Digital Live Music Concerts TV Broadcaster
MONTREAL, QUEBEC–(Marketwired – Dec. 17, 2015) – Stingray Digital Group Inc. (TSX:RAY.A)(TSX:RAY.B), a leading business-to-business multiplatform music provider, today announced that it has reached an agreement to acquire Swiss-based iConcerts, a TV channel dedicated solely to live music currently distributed to more than 100 Pay-TV and OTT operators in 85 countries and available to an estimated 250 million households across Europe, Asia, Africa, and the Middle-East. Upon completion of the transaction, Stingray will be the world’s largest broadcaster of live music concerts on television, with access to the largest library of digital live music worldwide. The transaction is expected to add $5 million in annual revenues for Stingray.
With this transaction, Stingray firmly establishes a stronghold in the Asian market including distribution deals with CCTV in China, KT in Korea and StarHub in Singapore. IConcerts also has an important presence in Europe with providers Swisscom and Orange, and in Russia with Tricolor.
“Following the acquisitions completed over the last two quarters, the agreement with iConcerts further demonstrates our intent to provide our clients with the greatest variety of digital music products and services on the market,” said Eric Boyko, President, Co-founder and CEO of Stingray. “iConcerts’ live music concert library perfectly complements Stingray’s current offering (Stingray Concerts, Stingray Brava, and Stingray Djazz), allowing us to become the number one destination for exciting live performances on television.”
iConcerts was launched on June 21, 2006,and was operated by Transmedia Communication SA. iConcerts’ programming features the biggest stars of today and decades past and includes concerts, TV show, documentaries and interviews.
For more information about iConcerts: https://www3.iconcerts.com/
Stingray (TSX:RAY.A)(TSX: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 138 million Pay-TV subscribers (or households) in 128 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Brava, Stingray Djazz, 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 250 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 50™ list, and figures amongst PROFIT magazine’s fastest-growing Canadian companies. For more information, please visit www.stingray.com.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to Stingray’s goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray’s control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray’s prospectus dated May 11, 2015, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Senior Vice-President, Marketing and Communications
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