Stingray Group drops takeover offer for U.S. company Music Choice

Stingray Group drops takeover offer for U.S. company Music Choice
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MONTREAL — Stingray Group Inc. has dropped its takeover attempt of Music Choice.

Montreal-based Stingray, which provides music and in-store media, had made the unsoliticited bid for the U.S. company in August last year.

The offer was worth US$120 million.

Music Choice produces music programming and music-related content for digital cable television, mobile phone and cable modem users.

Stingray chief executive Eric Boyko says while the company continues to see benefits in a combination with Music Choice, it’s confident in its strategic direction.

Stingray announced Monday a distribution agreement with Altice USA, which will bring 50 Stingray music audio channels and hundreds of music videos from its on-demand catalogue to Altice USA’s subscribers.

Companies in this story: (TSX:RAY.A)

The Canadian Press

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