Stingray Digital plans Mood Media acquisition
Gabriel Miramar-Garcia | 13-01-2014
Stingray Digital, which offers multi-platform music services for pay-TV operators, plans to acquire all of the assets from Mood Media Latin America's residential digital music service.
Based in Miami, Florida, Mood Media Latin America's residential business – known as DMX Media – offers a full suite of music channels tailored to local tastes through pay-TV service providers in Mexico, the Caribbean, and in Central and South America. DMX Media's services will continue to be offered to existing customers for the short term, while the integration of the company and its management structure begins immediately. Also, the clients will benefit from this new acquisition as they will be able to access select content through various platforms offered by Stingray Digital.
Stingray Digital reaches more than 100 million subscribers in 113 countries worldwide. "As part of our ambitious global expansion plan, we are continuously seeking strategic acquisitions that fit with the Stingray Digital model and allow us to further consolidate the distribution of our content through our various music properties," said Eric Boyko, president and CEO of Stingray Digital. "This acquisition extends the Stingray Digital global reach and strengthens the company's leadership role in the industry."
"DMX Media Latin America is an ideal fit for us, since there are numerous opportunities for synergy between our respective platforms and services. Together with our existing Latin America business, this acquisition will allow us to expand and further strengthen our presence in one of the fastest growing TV cable and broadband services markets in the world," concluded Boyko.