The three thematic channels dedicated to high-end music and cultural content distributed to an estimated 35 million subscribers in 50 countries in Europe, Africa, the Middle-East and the Caribbean. The transaction is subject to customary closing conditions and is expected to close in the coming weeks.
The all-cash transaction includes an initial payment of approximately $8 million plus potential earnout and performance based milestone payments totalling $3 million. Under the proposed terms of the agreement, Stingray will fully own and operate Brava NL, Brava HD and Djazz.tv.
“These acquisitions mark an important advance in our expansion strategy and accelerate our growth following the earlier successful European acquisitions of Music Choice International and the Archibald Media Group,” stated Eric Boyko, President, CEO and co-founder of Stingray.
“Stingray is always on the lookout for opportunities to further expand its global footprint and diversify its highly-successful offering. We will leverage these three channels to strengthen our relationships with Pay-TV operators and their subscribers worldwide, and to solidify our position as the leading B2B provider of quality music products and services.”
Robert Rutten, CEO and Rob Overman, Chief Creative Officer, will join Stingray and continue to manage and grow the distribution of the aforementioned channels.
“Stingray’s significant distribution worldwide will allow us to reach our goal of bringing classical music and jazz to music lovers and TV subscribers worldwide,” said Overman of the Brava group.