MONTREAL – Interactive global music distributor Stingray Digital has inked a deal to acquire CHUM Satellite Services Ltd. for an undisclosed amount from owner CTVglobemedia, it was announced Wednesday. CHUM Satellite Services will operate as a wholly owned subsidiary of Montreal-based Stingray Digital.
“This acquisition is well aligned with Stingray’s strategic growth plans,” said Stingray Digital CEO Alexandre Taillefer in a statement. “We are already well established in the delivery of innovative digital media services with our Galaxy and MaxTrax digital music services and The Karaoke Channel, available internationally on multiple platforms.”
He added that acquisition of CHUM Satellite Services will make Stingray Digital a “leader in national delivery of music and media solutions for commercial customers in Canada,” and that the acquisition is “complementary to our current services and operations.”
CHUM Satellite Services will continue to be the master franchise of Muzak in Canada and will provide the same range of services, including sound design, music and media services along with installation and after-sales support.
