Business
Fluid Music Completes Acquisition of Mood Media Group
Fluid Music Completes Acquisition of Mood Media Group
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\n\n Jun. 7, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Fluid Music Canada, Inc. (TSX:FMN) ("Fluid") announced today that it has completed its previously announced acquisition of Mood Media Group SA ("Mood Media") in consideration for EUR160 million (the "Mood Media Acquisition"). Mood Media operates in 35 countries worldwide, employs over 550 full time employees and boasts annual revenue over US$130 million per year with annual EBITDA over US$31 million per year.\n"This acquisition represents a significant milestone in our business plan," said Mr. Lorne Abony, Chairman and Chief Executive Officer of Fluid. "Mood Media is a market-leading business, with a track record of robust growth and profitability. Management believes that Fluid can drive additional growth at Mood Media through the use of its rights included music, a unique asset to Fluid, which will allow the combined entity to aggressively cut costs, grow margins and pursue new business. Mood Media's international customer base and network of regional offices will also expedite global expansion of Fluid's existing point-of purchase retail division, Somerset Entertainment."\nFluid also announced today that it intends to ask Mr. Philippe G. von Stauffenberg, the Executive Chairman and former significant shareholder of Mood Media, to join its board of directors as Vice Chairman following Fluid's June 25, 2010 annual meeting of shareholders. Mr. von Stauffenberg, through his investment vehicle Solidus Partners, has been financing and executing buy and build strategies in various industries throughout his career, most recently the consolidation of the European In-Site Media Industry. Prior to assembling Mood Media, Mr. von Stauffenberg executed buy and builds in electronics, radio, professional publishing and translation. He has served as principal and as a management affiliate of Hicks Muse Tate & Furst Incorporated, a US private equity firm from 1999-2004. Mr. von Stauffenberg holds Bachelor and Masters of Arts degrees from Harvard University and a Masters of Business Administration from Harvard Business School. Mr. von Stauffenberg is a German national, currently a resident of the United Kingdom, and is fluent in English, German, Spanish...