Stingray pacts with Multi Channels Asia

The deal comes about six months after the company issued its initial IPO.

inks deal - shutterstockStingray Digital Media Group announced Wednesday it had inked a strategic partnership with Singapore’s Multi Channels Asia.

Multi Channels Asia is a media company which owns, represents and distributes several theme-driven Pay-TV networks available in Asia and the Pacific region. The agreement will see Stingray provide Multi Channels Asia with growth capital over a multi-year term, with Stingray in turn growing its foothold in the Asian market. Multi Channels Asia will represent all Stingray Digital Media productions, such as Stringray Music, Stingray Concerts and Stingray Karaoke, in the Asian market.

The deal comes about six months after the specialty TV music service announced it had raised about $140 million through its initial public offering. The company also reported its Q2 2016 results on Thursday, with revenue of $21.3 million, up 24% over the same period the year prior.

In April, Stingray hired veteran Canadian broadcast exec Stephen Tapp as its new SVP of business development to help the company expand beyond Canadian borders. Stingray is best known in Canada for its Galaxie offerings on pay TV.