Macquarie Media (ASX:MRN) has agreed to sell its subsidiary, Satellite Music Australia (SMA) for a cash consideration of $5.9 million.
The media and national radio company is selling the SMA business, which is a music content service provider, that supplies commercial premises throughout Australasia.
Macquarie Media entered into a binding agreement with Stingray Digital International, which is a part of the Stingray Group.
The purchase price is subject to customary completion adjustments and payment of $900,000 (which is part of $5.9 million) if it achieves agreed revenue targets.
Shares in Macquarie Media (ASX:MRN) are trading flat at $1.20.