MONTREAL, May 09, 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 CIXL-FM and CKYY-FM in Welland, Ontario, from Wellport Broadcasting Limited/RB Communications Ltd, subject to approval from the Canadian Radio-television and Telecommunications Commission (the “CRTC”).
“We are thrilled about the opportunity to enter the Welland market, where GIANT FM and COUNTRY 89 already have a strong presence in the community,” commented Ian Lurie, President, Radio Operations of Stingray. “This acquisition expands our already significant presence in Ontario and makes certain that Stingray will continue to offer the best services to classic rock and country music listeners in the Niagara region.”
Financial terms of the transaction, which is expected to close in the fall of 2019 following CRTC approval, have not been disclosed.
About Stingray 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 stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 101 million times. Stingray reaches 400 million subscribers (or users) in 156 countries. For more information: www.stingray.com.