Stingray Digital International Limited signed a binding share purchase agreement to acquire Satellite Music Australia Pty Ltd from Macquarie Media Limited (ASX:MRN) for AUD 5.9 million on July 31, 2017. Under the agreement, Stingray has agreed fulfill the consideration in cash. The purchase price is subject to customary completion adjustments and payment of AUD 0.9 million will be made subject to the business achieving agreed revenue targets over the 18 months following completion. The transaction is expected to complete on August 1, 2017 and will take effect from July 31, 2017. Stingray Digital International Limited completed the acquisition of Satellite Music Australia Pty Ltd from Macquarie Media Limited (ASX:MRN) on July 31, 2017.