Austin-based Mood Media Completes Deal to Become a Private Company

Austin-based Mood Media Corp. announced Wednesday its acquisition by several investors including Apollo Global Management and GSO Capital Partners.

Mood Media, the parent company of Muzak, is now privately-held and its stock will no longer trade on the Toronto Stock Exchange. The investors paid 17 cents per share Canadian for Mood Media’s stock. The deal allows Mood Media to refinance its existing $650 million debt. The company paid for Chapter 15 bankruptcy protection in federal court last May, according to a Wall Street Journal story.

“The completion of this transaction will improve Mood Media’s financial position and allow us to further bring to life our long-term growth and market leadership initiatives and invest in new, strategic opportunities that strengthen our business,” Steve Richards, President and Chief Executive Officer of Mood Media said in a news release. “We look forward to working with Apollo, GSO and partners to further strengthen Mood’s position as the global leader in delivering Customer Experience solutions. This is an exciting next chapter for the Company, our clients and our partners.”

Mood Media has more than 500,000 client locations worldwide. The company provides sight, sound, scent and social mobile technology systems for restaurants, hotels, banks, retailers and small businesses.

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