Stingray Digital Group acquired all the shares of Brava NL BV, Brava HDTV BV and Djazz TV BV. Three thematic channels dedicated to music and cultural content and are distributed to about 35 million subscribers in 50 countries in Europe, Africa, the Middle East and the Caribbean. The transaction is subject to closing conditions and is expected to be concrete in the coming weeks.
The transaction includes an initial payment of approximately $ 8 million, plus potential additional payments totaling $ 3 million. Under the terms of the agreement, Stingray will own and operate the three channels completely.
Eric Boyko, president, CEO and co-founder of Stingray, said these acquisitions mark an important step forward in the expansion strategy and accelerate our growth following the successful previous European acquisitions of Music Choice International and Archibald Media Group.
CEO Robert Rutten and Chief Creative Officer Rob Overman will join Stingray to continue managing and increasing distribution channels. “The significant distribution of Stingray in all the world will allow us to achieve our goal of bringing classical music and jazz to lovers of music and TV subscribers worldwide,” said Overman of the Brava group, according to a report from Broadband TV News.