Stingray expands its international distribution with acquisition of Dutch-based Brava Group

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...