CANNES, FRANCE – Montreal-based music and broadcasting company Stingray Digital is buying Music Choice Europe Ltd. from a European private investment group, the company confirmed Monday. Financial terms of the deal were not disclosed.
Based in London, England, Music Choice Europe offers 70 different commercial-free music channels to subscribers through television service operators in 17 countries across Europe and Africa. Stingray Digital already owns and operates the Galaxie Music service, which is available in Canada, the U.S. and the Caribbean, and is a major player in the distribution of instrumental versions of songs on TV and on-line for karaoke.
“This acquisition is a perfect strategic fit for Stingray” said president and CEO Eric Boyko, in the announcement which was made Monday at MIPTV in Cannes, France. “We will immediately benefit from synergies between the two companies, but more importantly, Music Choice Europe’s presence in 17 different countries will allow us to expand more quickly into Europe and Africa with our other music services that we have developed for the North American market including The Karaoke Channel and Concert TV.”
The deal will expand Stingray’s reach to 20 million subscribers across 27 countries.
