STINGRAY ENDS BID FOR U.S. FIRM

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, pictured, says while the company continues to see benefits in a combination with Music Choice, it’s confident in its strategic direction. Stingray announced on Monday a distribution agreement with Altice USA, a deal that will bring 50 Stingray music audio channels and hundreds of music videos from its ondemand catalogue to Altice USA’s subscribers.