Business
Mood Media Corporation Completes Acquisition of Muzak
May 6, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR...
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[{"type":"text","content":"\n\n\n May 6, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nTORONTO, May 6 /CNW/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX:MM/ LSE AIM:MM) ("Mood Media") announced today that it has completed its previously announced acquisition of Muzak Holdings LLC ("Muzak") for US$345 million including net debt repaid on closing (the "Muzak Acquisition").\nMood Media's acquisition of Muzak, whose suite of brand enhancing music, voice and digital offerings reach more than 100 million people every day, creates a global in-store media provider servicing over 470,000 commercial locations in over 39 countries. On a pro forma basis the newly combined company has trailing last twelve months (LTM) revenue of approximately US$400 million and trailing LTM EBITDA in excess of US$100 million.\nLorne Abony, CEO and Chairman of Mood Media, commented: "We are delighted to complete this transformative acquisition, which enables us to become a truly global leader in this space. We are excited and eager to begin realizing the significant growth opportunities and synergies in a combination that will benefit both our customers and our shareholders."\nMood Media satisfied the US$345 million purchase price as follows: (i) approximately US$305 million in cash, (ii) by the issue of US$5 million 10% convertible unsecured subordinated debentures having an exercise price of US...