Mood Media Corporation Announces Acquisition of Assets of Franchisee

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Oct. 19, 2012 /CNW/ - Mood Media Corporation (ISIN:\n CA61534J1057) (TSX: MM) (LSE AIM: MM) (\"Mood Media\" or the \"Company\"),\n announced today that its subsidiary, Muzak, LLC (\"Muzak\"), has acquired\n the assets of one of its largest franchisees, for US$27.9 million in\n cash, 80% of which was payable on closing with the remaining 20%\n payable on the 12 month anniversary of closing, subject to certain\n post-closing purchase price adjustments.\n\n\nThe acquired franchisee offers a range of in-store audio, visual and\n scent solutions and operates in the U.S. mid-Atlantic region.\n\n\nFor the 12-month period ended June 30, 2012, the acquired franchisee had\n revenue and adjusted EBITDA of approximately US$19.5 million and US$4.2\n million, respectively.\n\n\nAbout Mood Media Corporation\n\n\nMood Media Corporation (TSX:MM/ LSE AIM:MM) is a leading in-store media\n specialist that uses a mix of music, visual and scent media to help its\n clients communicate with consumers with a view to driving incremental\n sales at the point-of-purchase.\n\n\nMood Media Corporation works with over 560,000 commercial locations in\n over 40 countries throughout North America, Europe, Asia and Australia.\n\n\nMood Media Corporation's products and services reach 100 million people\n every day in a broad client base including more than 850 U.S. and\n international brands in diverse market sectors that include: retail,\n from fashion to financial services; hospitality, from hotels to health\n spas; and food retail, including restaurants, bars, quick-serve and\n fast casual dining.\n\n\nCautionary Statement Regarding Forward-Looking Statements\n\n\nThis press release contains forward-looking statements. The words\n \"believe\", \"expect\", \"anticipate\", \"estimate\", \"intend\", \"may\", \"will\",\n \"would\" and similar expressions and the negative of such expressions\n are intended to identify forward-looking statements, although not all\n forward-looking statements contain these identifying words. These\n forward-looking statements are subject to important assumptions,\n including the following specific assumptions: general industry and\n economic conditions; and changes in regulatory requirements affecting\n the businesses of Mood Media and the acquired franchisee. While Mood\n Media considers these factors and assumpt...

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