MONTREAL – Stingray Digital Group is adding TV music channels Brava NL, Brava HD and DJAZZ.tv to the fold by acquring the Brava Group, the company said Thursday.
The three channels, dedicated to high-end music and cultural content, are distributed to an estimated 35 million subscribers in 50 countries in Europe, Africa, the Middle-East and the Caribbean.
The all-cash transaction includes an initial payment of approximately $8 million plus potential earnout and performance based milestone payments totalling $3 million. Under the proposed terms of the agreement, Stingray will fully own and operate Brava NL, Brava HD and DJAZZ.tv. The transaction is subject to customary closing conditions and is expected to close in the coming weeks.
“These acquisitions mark an important advance in our expansion strategy and accelerate our growth following the earlier successful European acquisitions of Music Choice International and the Archibald Media Group,” said Stingray president, CEO, and co-founder Eric Boyko, in the announcement. “We will leverage these three channels to strengthen our relationships with Pay-TV operators and their subscribers worldwide, and to solidify our position as the leading B2B provider of quality music products and services.”
Brava Group chief operations officer Robert Rutten and chief creative officer Rob Overman will join Stingray and continue to manage and grow the distribution of the three channels, the announcement continued.
