Coming off a string of disappointing recent quarters, Mood Media (Stock Quote, Chart, News: TSX:MM) says it may sell the company.
In a press release this afternoon, the company said its board has formed a strategic review committee to review a range of options to enhance shareholder value, including the potential sale of the company. Mood Media has engaged engaged Credit Suisse and Morgan Stanley as financial advisers.
Late in March, the company reported its fiscal 2012 results. On the back of several recent acquisitions, the company’s topline keeps growing, but so are its losses. Mood Media lost $79.23-million on revenue of $443.8-million, up from a loss of $59.90-million and revenue of $274.7-million a year prior.
Mood Media came to public attention when it completed the $345 million acquisition of Muzak, forming an entity that had $400 million in revenue in what is referred to as the sensory branding space, a term for multi-sensory marketing tactics now being used by giants such as Nissan, Pizza Hut and Starbucks. The company has inked deals with brands as diverse as Vitamin Shoppe, Hooter’s and the Puma store in Paris, where the company installed giant video walls.
Shares of MM were halted today after market close, but ended the day up 4.2% to $.99.
At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
Following the company's fourth quarter results, Eight Capital analyst Kiran Sritharan has maintained his "Buy" rating on Sabio Holdings (Sabio… [Read More]
Following the company's first quarter results, Desjardins analyst Benoit Poirier has raised his price target on Bombardier (Bombardier Stock Quote,… [Read More]
Following fourth quarter results he describes as "stronger than expected", Beacon Securities analyst Russell Stanley has raised his price target… [Read More]