MONTREAL, Jan. 07, 2019 (GLOBE NEWSWIRE) — Stingray Group Inc. (TSX: RAY.A, RAY.B) is pleased to announce that its wholly-owned subsidiary, Stingray Radio Inc., has entered into an agreement to acquire the assets of CHOO-FM in Drumheller, Alberta, from Golden West Broadcasting Ltd. subject to approval from the Canadian Radio-television and Telecommunications Commission (“CRTC”).
“The acquisition of CHOO-FM offers an excellent opportunity for Stingray to add an FM station in Drumheller that will perfectly complement our Real Country-branded CKDQ-AM,” commented Ian Lurie, President, Radio Operations of Stingray. “The stations, under one ownership, can now focus on best serving listeners and clients in a small market environment where resources are challenged.”
Financial terms of the transaction have not been disclosed. However Stingray anticipates that the effective multiple paid is in the six times range. If approved, the closing is expected to take place mid-2019.
About Stingray Group Inc.
Montreal-based Stingray Group Inc. (TSX: RAY.A; RAY.B) is a leading music, media, and technology company with over 1,200 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, more than 100 radio licences, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 100 million times. Stingray reaches 400 million subscribers (or users) in 156 countries.