Stingray makes hostile takeover bid for Music Choice network

Stingray Digital Group Inc. continued its growth streak this week, making an unsolicited, hostile-takeover bid for multi-platform video and music network Music Choice.

The offer is currently under review by the network’s unitholders including Charter Communications, Comcast, Cox Communications, Sony Corporation of America, Warner Media, Arris and Microsoft, and remains open for acceptance until Aug. 31.

“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,” Stingray president and CEO Eric Boyko stated in a press release.

The move comes on the heels of Stingray’s commercial services division, Stingray Business, announcing the acquisition of Novramedia, a Toronto-based software/hardware developer focused on digital media solutions for industries from finance to hospitality and healthcare.

Meantime, Stingray’s acquisition of Newcap Radio parent Newfoundland Capital Corporation Limited (NCCL) for $524,297,181 remains pending with the CRTC commenting period set to close Sept. 4.

The move will see Stingray acquire Newcap’s 71 radio stations, 29 re-broadcasting entities, and two conventional television stations in seven provinces.