Brava Group Music Channels to Be Acquired by Stingray

MONTREAL: Stingray Digital Group is acquiring all of the issued and outstanding shares in the share capital of Brava NL, Brava HD and DJAZZ.tv, a trio of thematic television channels featuring high-end music and cultural content.

The all-cash transaction, which is expected to be finalized in the coming weeks, includes an initial payment of around $8 million, plus potential earnout and performance-based milestone payments amounting to $3 million. Under the deal's proposed terms, Stingray will fully own and operate Brava NL, Brava HD and DJAZZ.tv, which are distributed to approximately 35 million subscribers in 50 countries across EMEA and the Caribbean.

"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, the 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."

Brava Group's Robert Rutten, COO, and Rob Overman, chief creative officer, will join Stingray and continue to oversee and expand the distribution of the three channels.

Overman commented: "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."