Business
Mood Media Moves to Streamline Operations with Sale of Residential Latin America Operations to Stingray Digital
Transaction Valued at Approximately $16 Million TORONTO , Jan. 10, 2014 /CNW/ ...
About this update from Maximus Metals, Inc.
[{"type":"text","content":"\n\n\nTransaction Valued at Approximately $16 Million\n\n\nTORONTO, Jan. 10, 2014 /CNW/ - Mood Media Corporation (ISIN:\n CA61534J1057) (TSX: MM) (LSE AIM: MM) (\"Mood Media\" or the \"Company\")\n today announced an agreement to sell its residential Latin American\n music operations to its long-term independent affiliate and operating\n partner, Stingray Digital (\"Stingray\") for $16.3 million. The\n transaction further advances Mood Media's strategy to simplify its\n portfolio, aggressively integrate and streamline its operations, and\n invest in its core businesses to enhance growth opportunities.\n\n\nUnder the terms of the agreement, Mood Media will receive an initial\n cash payment of $10 million and an intercompany settlement of $1.4M. \n Upon the residential Latin American operations' achievement of certain\n key performance indicators, Stingray will pay Mood Media the remaining\n amount over a period of 18 months. Proceeds from the transaction will\n enhance Mood's strategy to advance and integrate its systems and\n solutions in order to accelerate revenue growth and achieve synergy\n gains across its global footprint.\n\n\n\"This transaction strengthens our balance sheet as we execute our\n strategy to broaden audio, visual, mobile, scent and experiential\n solutions to support current and prospective clients,\" said Steve\n Richards, Chief Executive Officer and President.  \"We are pleased to\n achieve this milestone, further underscoring Mood's commitment to\n delivering growth and enhanced returns for stakeholders.  We will\n continue to evaluate opportunities to simplify our portfolio, leverage\n Mood operating infrastructure and resources to deepen relationships\n with clients, and create heightened value for shareholders. We remain\n focused on achieving our vision for ensuring Mood Media is recognized\n as the global leader for In-Store and In-Office Experiential\n Solutions.\"\n\n\nAbout Mood Media Corporation \n\n\nMood Media Corporation (TSX:MM/ LSE AIM:MM), is one of the world's\n largest designers of in-store consumer experiences, including audio,\n visual, interactive, scent, voice and advertising solutions. Mood\n Media's solutions reach over 150 million consumers each day through\n more than half a million subscriber locations in over 40 countries\n throughout North America, Europe, Asia ...