Business
Mood Media sells Canadian account portfolio to Stingray Digital
Transaction Valued at Approximately US$11 Million TORONTO , June 27, 2014 /CNW...
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[{"type":"text","content":"\n\n\nTransaction Valued at Approximately US$11 Million\n\n\nTORONTO, June 27, 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 remaining eight thousand\n Canadian commercial accounts to its long-term affiliate and operating\n partner, Stingray Digital (\"Stingray\"), for US$11.2 million. Stingray\n and Mood Media will continue to work together to serve the accounts\n with Mood Media services. The transaction further advances Mood Media's\n strategy to simplify its portfolio, aggressively integrate strategic\n assets, strengthen partnerships and streamline operations, while\n investing in its core businesses.\n\n\nUnder the terms of the agreement, Mood Media will receive an initial\n cash payment of US$9.5 million and upon the achievement of certain key\n performance indicators, Stingray will pay Mood Media US$1.7 million via\n an incremental payment after 12 months. Proceeds from the transaction\n will be targeted to strengthen the Company's balance sheet and\n deleverage even as it continues to invest in solutions that support\n growth.\n\n\n\"We continue to aggressively evaluate opportunities to simplify our\n portfolio, more effectively utilize Mood's operating infrastructure and\n invest in resources to deepen relationships with clients - activities\n that we believe will create enhanced value for our stakeholders,\" said\n Steve Richards, President and Chief Executive Officer of Mood Media.\n \"Through this transaction we will monetize former DMX Canadian accounts\n that are not core to our current geographic growth strategy as they are\n located in territories served by Stingray, and therefore highly\n desirable to our valued long-term partner. This is another important\n milestone for Mood Media and it underscores our commitment to unlocking\n the value of our assets and capitalizing on new opportunities to\n enhance returns for all of our stakeholders.\"\n\n\nAbout Mood Media Corporation\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...