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 (NYSE: 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 PéloquinSenior Vice-President, Marketing and CommunicationsStingray 1 514-664-1244, ext. 2362[email protected]

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