TORONTO, May 13, 2012 /CNW/ - During March 2012, the Board of Directors along with Management of Mood Media Corporation decided, in order to devote its resources to the higher-growth opportunity represented by its in-store media business and in particular the visual sector, to dispose of its Mood Media Entertainment ("MME") division.
In 2011, MME generated Revenue of $55.7M and EBITDA of $11.2M. Management believes that a sale of MME is probable, and as a result of the decision to dispose of MME, it is therefore classified as a discontinued operation for accounting purposes and its results are excluded from the Revenue and Adjusted EBITDA for the three months ended March 31, 2012 which were announced May 11, 2012.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM), named Canada's fastest growing company by PROFIT Magazine is a leading in-store media specialist that helps its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Mood Media Corporation's In-Store Media division works with 580,000 commercial locations in over 40 countries throughout North America, Europe, Asia and Australia.
Through its subsidiaries, Mood Media Corporation's products and services reach 100 million people every day in a broad client base including more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining.
For further information about Mood Media, please visit www.moodmedia.com.
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