Stingray Group drops takeover offer for US company Music Choice

MONTREAL — Stingray Group Inc. has dropped its takeover attempt of Music Choice.Montreal-based Stingray, which provides music and in-store media, had made the unsoliticited bid for the U.S. company in August last year.The offer was worth US$120 million.Music Choice produces music programming and music-related content for digital cable television, mobile phone and cable modem users.Stingray chief executive Eric Boyko says while the company continues to see benefits in a combination with Music Choice, it’s confident in its strategic direction.Stingray announced Monday a distribution agreement with Altice USA, which will bring 50 Stingray music audio channels and hundreds of music videos from its on-demand catalogue to Altice USA’s subscribers.Companies in this story: (TSX:RAY.A)