Cable / Telecom News

Stingray expands down under with DMD acquisition

MONTREAL - Stingray Digital Group is buying Australian digital music services provider Digital Music Distribution Pty. Ltd. (DMD).DMD provides digital music services to the public, broadcasters, media suppliers and brand partners through linear, subscription and brand promotion services.  It currently operates 29 audio television channels for Foxtel, Australia’s largest pay-TV provider.The all-cash AUD $12 million transaction includes an amount equivalent to 66% payable to DMD upon the closing of the purchase and a 34% holdback to be released upon the completion of various post-sale requirements by Stingray.    The transaction was facilitated by Singapore-based Multi Channels Asia with which Stingray recently...