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Stingray Abandons Plans to Acquire Music Choice

MONTREAL, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY. A; RAY. B.), a leading music, media, and technology company, today announced that its previously-announced endeavors to acquire Music Choice have been terminated. Stingray does not intend to make any additional comments regarding this matter.

“While we continue to see benefits in a combination of Music Choice with Stingray, we are extremely confident in our strategic direction and are excited by the significant opportunities before us,” said Eric Boyko, President, Co-Founder and CEO of Stingray. “Following Stingray’s recently announced distribution agreement with Altice USA (ATUS), which will bring 50 Stingray Music audio channels and hundreds of music videos from Stingray’s On-Demand catalog to Altice USA’s Optimum and Suddenlink subscribers, Stingray has signalled its commitment to winning the U.S. market. We believe Stingray is well-positioned to continue as the supplier of choice in the United States for curated B2B and direct-to-consumer services.”

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.

For more information, please contact:

Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
1 514-664-1244, ext. 2362
mpeloquin@stingray.com