Industry News

Mood Media, a Toronto-based in-store media provider, will acquire South Caroline-based Muzak for $345 million, the company announced Thursday.

Muzak, often dismissed as the company behind elevator music, and Mood Media are leaders in the use of music to enhance commercial spaces. Mood Media provides not only music for commercial locations but also in-store kiosks, online music (through its Puretracks product), digital signage and scent marketing (according to its website, "the key factors consumers consider when evaluating a commercial experience are odor, cleanliness, space and music").

With the addition of Muzak, Mood Media will service 470,000 commercial locations in about 40 countries. The combined company's music library will include 1.7 million rights-included tracks and more than 30,000 original recordings.

Mood Media is a publicly traded company with annual revenue of $54.4 million in its most recent quarter. Muzak, a privately held company, had revenue of $195 million in 2010. The combined company will have about $400 million in annual revenue, 60% of that coming from recurring subscription revenue, according to Mood Media.