GENEVA, Switzerland, June 28, 2017 /CNW/ - The former shareholders of Transmedia Group, a Switzerland company editing an international theme TV channel, iConcerts, have been compelled to sue the listed Canadian Group Stingray, for failing to fulfill its obligations towards them, following the acquisition of Transmedia by Stingray in December 2015.
Part of the selling price was held back to be paid in October 2016, and Stingray has reneged on its obligations, in spite of several reminders. The amount to be recovered is over CHF2 million.
Among the former shareholders of Transmedia/iConcerts are Swisscom ventures, Eagle Rock Entertainment and the digital investment firm TIME Investors.
SOURCE Time Investors and Swisscom Ventures, former shareholders of Transmedia/iConcerts
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