Stingray Digital Group Inc. says it has made a US$120-million bid to purchase all of the issued and outstanding units of U.S.-based Music Choice.
Montreal-based Stingray says the unsolicited offer was presented to Music Choice’s management and communicated to each of the unitholders, which include Charter Communications, Comcast, Cox Communications, Sony Corporation of America, WarnerMedia, Arris, and Microsoft.
The offer has not yet been accepted and is currently under review by the unitholders. It remains open for acceptance until Aug. 31.
Horsham, Penn.-based Music Choice is a general partnership that produces music programming and music-related content for digital cable television, mobile phone and cable modem users.
Stingray announced in June that it plans to acquire Newfoundland Capital Corporation Ltd., which has radio stations across Canada.
The company is a business-to-business provider of music and in-store media.