Mood Media Corporation just announced that it plans to dispose of its Mood Media Entertainment (MME) division.
Whilst the press release stated that in 2011, MME generated Revenue of $55.7M and EBITDA of $11.2M. and that “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” – MME is basically those panpipe CDS that are sold in Garden Centres!!
The announcement was grandly titled ‘Mood Shifts Resources To Seize Historic Visual Opportunity‘ and stated that it was done, we quote “in order to devote its resources to the higher-growth opportunity represented by its in-store media business and in particular the visual sector”.