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Stingray makes bid for Music Choice
By Adnews Staff
Montreal-based Stingray Digital Group has made a bid for music streaming service Music Choice. The bid, which will remain open until Aug. 31, offers US$120 million for the outstanding stake in the company. Music Choice specializes in music programming and music-related content for digital cable television, mobile phone and cable modem users. Other stakeholders in the company include Charter Communications, Comcast, Cox Communications, Sony Corporation of America, WarnerMedia, Arris and Microsoft.
"We believe that our formal offer to purchase has strong merit and would bring a significant return on investment for Music Choice unitholders," said Eric Boyko, president and CEO of Stingray. "Music Choice would benefit greatly from joining forces with Stingray, given that we are well positioned to expand and build Music Choice's product portfolio and distribution in the United States and around the world."