Mood Media sells Latin American operation
Toronto-based Mood Media has agreed to sell its residential Latin American music operations to Stingray Digital of Montreal for $16.3 million. The sale is intended to streamline the operations of Mood Media and simplify its portfolio. Stingray Digital is an independent affiliate of Mood Media that also handles sales representation for the company.
"This transaction strengthens our balance sheet as we execute our strategy to broaden audio, visual, mobile, scent and experiential solutions to support current and prospective clients," said Steve Richards, CEO and president of Mood Media. "We will continue to evaluate opportunities to simplify our portfolio, leverage Mood operating infrastructure and resources to deepen relationships with clients, and create heightened value for shareholders. We remain focused on achieving our vision for ensuring Mood Media is recognized as the global leader for in-store and in-office experiential solutions."