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Stingray buys four properties from Bell Media
Montreal-based Stingray Digital Group has entered into an agreement to acquire four music-themed properties from Bell Media of Toronto: Juicebox, MuchLoud, MuchRetro and MuchVibe. Stingray plans to rebrand the services when the transaction closes, which is expected to take place in the third quarter of this year. No financial details are available. Stingray is a provider of music services for pay television distributors and retailers.
"These services are a perfect complement to Stingray's strong multiplatform music portfolio," said Mary Ann Turcke, president of Bell Media. "Divesting these channels enables us to focus our resources on Bell Media's leading slate of specialty services while maintaining our 'Music First' commitment with our portfolio of radio, TV and digital platforms. Both Bell Media and Stingray recognize the tremendous potential for Canadian content services operated by broadcasters of all sizes. This transaction helps foster a more competitive broadcast environment and ultimately creates more choice for consumers by capitalizing on both companies' strengths."
In related news, investment company Caisse de dépôt et placement du Québec has increased its financial stake in Stingray by an additional $14.3 million. The company did so by purchasing two million subordinate voting shares from Telesystem.
"As a long-term investor in high-performing companies, it was a natural choice for us to increase our stake in this Quebec leader," said Christian Dubé, an executive vice-president at the company. "Stingray already has a strong reputation through its global footprint and demonstrates significant growth potential. This transaction is perfectly aligned with our goal to strengthen innovative companies aiming to expand into new markets."