Mood Media sells its residential Latin American music operations to Stingray Digital

Mood Media Corporation is to sell its residential Latin American music operations to its long-term independent affiliate and operating partner, Stingray Digital for $16.3 million.

Under the terms of the agreement, Mood Media will receive an initial cash payment of $10 million and an intercompany settlement of $1.4M. Upon the residential Latin American operations’ achievement of certain key performance indicators, Stingray will pay Mood Media the remaining amount over a period of 18 months.

“This transaction strengthens our balance sheet as we execute our strategy to broaden audio, visual, mobile, scent and experiential solutions to support current and prospective clients,” said Steve Richards, Chief Executive Officer and President. “We are pleased to achieve this milestone, further underscoring Mood’s commitment to delivering growth and enhanced returns for stakeholders. We will continue to evaluate opportunities to simplify our portfolio, leverage Mood operating infrastructure and resources to deepen relationships with clients, and create heightened value for shareholders. We remain focused on achieving our vision for ensuring Mood Media is recognized as the global leader for In-Store and In-Office Experiential Solutions.”

Canada, Toronto & Latin America

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