Mexico’s TV Azteca, a unit of Grupo Salinas, is investing in music streaming company Deezer with an agreement that includes an equity stake and commercial partnerships, the companies said in a statement.
Paris, France-based Deezer said the agreement, including commercial partnerships and access to TV Azteca’s production capabilities, is estimated to have a value of approximately $40 million.
Elektra Group stores will sell vouchers to the music streaming service, the joint statement said. Deezer’s Chief Commercial Officer Laurence Miall-d’Août did not disclose the size of the Mexican group’s stake in Deezer resulting from the deal.
But Deezer said the agreement raised its valuation by 30% compared to its last funding round in 2018, to $1.4 billion.
Deezer already has significant operations in Brazil and wants to expand to other countries in Latin America, such as Mexico, Colombia and Argentina, Deezer Chief Executive Officer Hans-Holger Albrecht said.
The team at Platform Executive hope you have enjoyed the ‘Mexico’s TV Azteca invests in music streaming firm Deezer‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Tatiana Bautzer. Editing by David Gregorio.