Mood Media Acquires Muzak For US$345 Million
In-store media company Mood Media announced today plans to acquire Muzak, a privately-held company that is a provider of sensory branding services for business in the United States, for US$345 million. Mood Media will use the acquisition to further their growth acquisition of Muzak will create a global in-store media provider servicing over 470,000 commercial locations in over 39 countries. In the U.S., the combined business will serve over 200,000 national and 100,000 franchisee locations.
The combined customer base will include more than 850 U.S. and international brands in diverse market sectors that include retail (food, fashion, cosmetics), leisure and hotels, oil and gas, telecommunications, financial institutions, and fast food. Together Mood Media and Muzak will have an extensive music library that includes 1.7 million rights-included tracks and more than 30,000 original recordings, which means customers will benefit from greater product choice.
“This acquisition creates a new global leader with the geographic footprint, top-tier brand relationships and track record of innovation to compete and succeed in a dynamic marketplace,” said Lorne Abony, CEO & Chairman of Mood Media Corporation. “Over the past five years, Mood Media has transformed the in-store media industry by offering unparalleled innovation and convenience to our customers across the world. We now have the opportunity to extend this legacy to a world-recognized brand and create a truly global leader with U.S. headquarters in the Charlotte area. We see attractive opportunities for profitable growth through cross-selling Mood Media’s products to Muzak’s existing customers, expanding into adjacent markets and adjusting Muzak’s distribution system to our industry-leading internet-based technology.”
Mood Media will finance the transaction with approximately US$480 million of debt, including the refinancing of Mood Media’s existing debt. Muzak will still maintain its operations in Charlotte, North Carolina which will eventually be branded under the Mood Media name.
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