Bell Media today announced that it has entered into an agreement with Montréal-based Stingray Digital Group Inc. (TSX: RAY.A; RAY.B) for the sale of four of its specialty services: Juicebox, MuchLoud, MuchRetro, and MuchVibe.
“These services are a perfect complement to Stingray’s strong multiplatform music portfolio,” said Mary Ann Turcke, President, Bell Media. “Divesting these channels enables us to focus our resources on Bell Media’s leading slate of specialty services while maintaining our Music First commitment with our portfolio of radio, TV, and digital platforms, including the upcoming launch of iHeartRadio in Canada.”
“Both Bell Media and Stingray recognize the tremendous potential for Canadian content services operated by broadcasters of all sizes. This transaction helps foster a more competitive broadcast environment and ultimately creates more choice for consumers by capitalizing on both companies’ strengths.”
Upon completion of the transaction, the channels will be rebranded by Stingray. The transaction is expected to close in Q3 2016. Financial terms will not be disclosed.