News Column

Mood Media Sells Canadian Account Portfolio For Up to USD11.2 Million

June 27, 2014

Samuel Agini

LONDON (Alliance News) - Mood Media Corp Friday said it has sold its remaining eight thousand Canadian commercial accounts to long-term affiliate and operating partner Stingray Digital for up to USD11.2 million, with the proceeds to go towards strengthening the seller's balance sheet and deleveraging as it continues to invest in future growth.

Mood Media said the deal is part of its strategy to simplify its portfolio, integrate

strategic assets, strengthen partnerships and streamline operations, and invest in its core business.

Under the deal, Mood Media will receive an initial payment of USD9.5 million, with a further USD1.7 million due in 12 months' time depending on certain performance criteria.

"This is another important milestone for Mood Media and it underscores our commitment to unlocking the value of our assets and capitalizing on new opportunities to enhance returns for all of our stakeholders," President and Chief Executive Steve Richards said in a statement.

The two parties to work together on serving the accounts sold, Mood Media said.

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Source: Alliance News

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