Corus Entertainment is stepping back from Max Trax, its pay audio service, selling the assets of the service to Stingray Digital Group in a deal valued at approximately $16 million. Stingray secured a licence to operate a national pay audio programming undertaking from the CRTC in December of last year.

Stingray was founded by Eric Boyko and Alexandre Taillefer, and is financially backed by Telesystem and Novacap. Headquartered in Montreal, Stingray has offices in Charlotte, L.A. and Budapest.