Stingray Digital acquires CHUM Satellite Services Limited from CTV Limited
(August 5, 2009 - Montreal, Canada) Stingray Digital, a leader in interactive global music distribution, announced today that it has agreed to acquire CHUM Satellite Services Limited (CSS) from CTV Limited. CHUM Satellite Services Limited is a leading supplier of sound design, music and media services for Canadian businesses, retail establishments and other Corporate Customers in Canada. CSS will operate as a wholly owned subsidiary of Stingray Digital ensuring a seamless transition for CSS’ customers and supplier partners. The value of the transaction was not disclosed.
“This acquisition is well aligned with Stingray’s strategic growth plans,” says Alexandre Taillefer, CEO of Stingray Digital. “We are already well established in the delivery of innovative digital media services with our GALAXIE and MaxTrax digital music services and The KARAOKE Channel, available internationally on multiple platforms. The addition of CSS to the Stingray Digital group of companies establishes us as leaders in national delivery of music and media solutions for commercial customers in Canada. The CSS business is very complementary to our current services and operations”, he adds.
CSS will continue to be the Master Franchisee of Muzak in Canada and will continue to provide the same broad range of services to commercial customers including sound design, installation and after-sales support.
As part of the Stingray Digital group of companies, CSS will benefit from Stingray’s expertise in development of advanced media services and multi-platform delivery, which will enable the company to offer an expanding set of services to its current and future customers.
About Stingray Digital Media Group
Stingray Digital is a leader in interactive music distribution. Our properties include The Karaoke Channel, the world’s largest licensed karaoke library and karaoke service on TV and Internet, Galaxie and Max Trax, the leading digital music services on TV in Canada and its music licensing unit, Stingray Music. Stingray was founded by seasoned new media entrepreneurs, Eric Boyko and Alexandre Taillefer, and is financially backed by Telesystem and Novacap. Headquartered in Montreal, Stingray has more than 120 employees with offices across Canada, as well as in Charlotte, Los Angeles and Budapest. For more information, visit stingraydigital.com.
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