Lorne Abony
Encyclopedia
Lorne Abony is a Canadian businessman. He is Chairman and CEO of Mood Media Corporation a public company listed on the Toronto Stock Exchange
and the London Stock Exchange
. Mr. Abony has been instrumental in the founding of a number of media ventures. He Co-founded FUN Technologies in 2001 and in 2004 as CEO of FUN became the youngest CEO of a listed company on the Toronto Stock Exchange
(TSX).
.
.
As CEO, Abony has delivered strong financial results. In March, 2011, Mood Media reported its fourth quarter results, delivering substantial sequential-quarter growth in Revenue and EBITDA. Consolidated revenue grew 4% over the prior quarter, to $54.4 M, and Adjusted EBITDA grew 9% over the prior quarter to $14.2 M. Abony has also grown Mood Media through a number of substantial acquisitions, raising significant capital in the process. In January 2011 Mood Media reported strong financial gains in the third quarter of 2010, specifically consolidated revenue of $52.264 million in the quarter, up 134 percent over the prior quarter and up 3,366 percent over the third quarter of 2009. The company also reported an EBITDA of just over $13 million for the same period, up 167 percent over the prior quarter and 2,351 percent over the third quarter of 2009.
On March 24, 2011, Mood Media announced that it had entered into a definitive agreement to acquire Muzak Holdings LLC (“Muzak”), a privately held company that is the leading provider of sensory branding services for business in the United States, for US$345 million.
In February 2011 Mood Media acquired the Finnish digital business music provider Pelika Business Music Oy for $9.8 million.
In June 2010, Abony led Mood Media's predecessor company in completing the acquisition of Mood Media Corporation in June 2010, for a total purchase price of €
160 million. Over the last two completed fiscal years, Mood Media averaged annual revenue of $130 million and annual EBITDA of $31 million.
In November 2009, Abony led Mood in completing its acquisition of Somerset Entertainment, for a total purchase price of C$61.9 million. Abony also led Mood to its IPO on the TSX in June 2008. Under Abony's leadership, Mood has raised nearly C$300 million in equity and debt financing.
after the two raised C$
1.8 million from initial investors. Later renamed FUN Technologies, Abony became the company's CEO and the largest individual shareholder. In 2003, FUN completed an IPO on the London Stock Exchange raising over $11 million. Soon after, FUN listed its shares on the TSX raising over $56 million from a group of investors including Fidelity Investments
, AGF Management and the Ontario Teachers Pension Fund. FUN became one of the fastest growing companies on the TSX and in three years raised over $160 million in five rounds of equity financing. FUN and its subsidiaries acquired seven businesses during Abony's tenure as CEO, including SkillJam Technologies Corporation, Don Best Sports, Fanball Interactive LLC, Octopi Inc., Teagames, WorldWinner Inc. and Fantasy Sports Inc.
The Meridian
, Colorado
-based Liberty Media
acquired a majority interest in FUN Technologies stock in 2005. Liberty Media purchased the rest of FUN Technologies in late 2007. The company was valued at nearly C$500 million at the time of its final sale to Liberty Media.
. The company, which was eventually renamed Petopia.com, grew to 200 full-time employees within two years and raised over $114 million in financing. Petopia.com was sold to Petco
in 2001.
Abony was part of the private equity syndicate that acquired Der Grüne Punkt (Green Dot) "DSD" from Kohlberg Kravis Roberts in 2010. Abony sits on the board of DSD. DSD was founded in 1990 and was the first company to introduce a dual take-back system in Germany, in response to the Packaging Ordinance & Waste Act. The Green Dot (German: Der Grüne Punkt) is the license symbol of a European network of industry-funded systems for recycling the packaging materials of consumer goods. The logo is trademark protected worldwide. DSD employs 247 people in Germany, and is considered the largest dual take-back systems provider in Europe. In 2009, DSD recovered approximately 2.75 million tons of sales packaging, saved 60 billion megajoules of energy and reduced CO2 emissions (and its equivalents) by 1.5 million tons. According to Reuters, DSD a former non-profit organization, had 2009 sales of 684 million euros ($943 million).
, Rick Leach
, Guillermo Canas
, Jared Palmer
, Donald Johnson
and others with amateur players like Abony to compete with all proceeds going directly to the Boston Foundation for Sight. Abony was also co-chair for the United Jewish Appeal's (UJA) third annual fly-in event, which brought together Henry Kissinger
, Dan Quayle
and Gary Bettman
to share their personal, business and philanthropic stories. In November 2010 Abony made a substantial donation to Israel Tennis Centers
.
An avid tennis player, Abony regularly plays in charity pro-amateur tournaments, including the Charles Evans Prostate Cancer Federation Pro-Am Tennis Tour alongside leaders from the business community, including Mike Milken, David H. Koch
and Terry Semel
.
from Columbia Business School
, an LL.B/J.D. from the International Law Center at the University of Windsor
and a B.A. from McGill University
. He is a recipient of Canada's Top 40 Under 40 award and an Ambassador for the Province of New Brunswick
and in 2006 was a recipient of the University of Windsor's Odyssey award.
in Israel
. He also competes in the USTA Men's NTRP 5.0 Florida Section, where he was ranked fourth in the state in 2010.
Abony also competes in both the ITF and USTA men's over 40 divisions in both the state and national level in both singles and doubles. Abony's doubles partner in the men's over 40 category is Jared Palmer
formerly the world #1 ranked doubles player and Wimbledon
and Australian Open
doubles champion.
, a leading Canadian think tank Board of Trustees from 2006 to 2007.
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
and the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Mr. Abony has been instrumental in the founding of a number of media ventures. He Co-founded FUN Technologies in 2001 and in 2004 as CEO of FUN became the youngest CEO of a listed company on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
(TSX).
Career and business experience
Abony was born and raised in Toronto. After graduating from the University of Windsor law school in 1994, Abony practiced corporate and securities law at the Toronto firm Aird & Berlis. Abony left the law profession in 1996 to embark on an entrepreneurial career. In his role as CEO and founder of a number of successful ventures, Abony has raised over C$1.1 billion through the public and private debt and equity markets, including over $100 million for Petopia.com, $190 million for FUN Technologies and over $820 million for Mood Media.
Mood Media
Abony is currently Chairman and CEO of Mood Media Corporation ("Mood Media"). a global in-store media leader with over 37 offices worldwide, and after its recent acquisition of Muzak, over 1,900 employees. In 2011 Mood Media was named the top company in the annual Profit 200 compiled by the Canadian business magazine ProfitProfit (magazine)
Profit is a Canadian business magazine aimed at entrepreneurs. It is published six times per year and, according to its website, focusses on "how to find opportunity and seize it", management practices, case studies and "access to peer groups"....
.
As CEO, Abony has delivered strong financial results. In March, 2011, Mood Media reported its fourth quarter results, delivering substantial sequential-quarter growth in Revenue and EBITDA. Consolidated revenue grew 4% over the prior quarter, to $54.4 M, and Adjusted EBITDA grew 9% over the prior quarter to $14.2 M. Abony has also grown Mood Media through a number of substantial acquisitions, raising significant capital in the process. In January 2011 Mood Media reported strong financial gains in the third quarter of 2010, specifically consolidated revenue of $52.264 million in the quarter, up 134 percent over the prior quarter and up 3,366 percent over the third quarter of 2009. The company also reported an EBITDA of just over $13 million for the same period, up 167 percent over the prior quarter and 2,351 percent over the third quarter of 2009.
On March 24, 2011, Mood Media announced that it had entered into a definitive agreement to acquire Muzak Holdings LLC (“Muzak”), a privately held company that is the leading provider of sensory branding services for business in the United States, for US$345 million.
In February 2011 Mood Media acquired the Finnish digital business music provider Pelika Business Music Oy for $9.8 million.
In June 2010, Abony led Mood Media's predecessor company in completing the acquisition of Mood Media Corporation in June 2010, for a total purchase price of €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
160 million. Over the last two completed fiscal years, Mood Media averaged annual revenue of $130 million and annual EBITDA of $31 million.
In November 2009, Abony led Mood in completing its acquisition of Somerset Entertainment, for a total purchase price of C$61.9 million. Abony also led Mood to its IPO on the TSX in June 2008. Under Abony's leadership, Mood has raised nearly C$300 million in equity and debt financing.
FUN Technologies
In 2002, Abony co-founded Columbia Exchange Systems Software PLC with Andrew RivkinAndrew Rivkin
Andrew Rivkin is a Canadian investor and businessman. Rivkin is best known as a co-founder of CryptoLogic, a pioneering online casino software company, and FUN Technologies, the world's largest provider of online casual games and fantasy sports.Rivkin was born and raised in Toronto...
after the two raised C$
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
1.8 million from initial investors. Later renamed FUN Technologies, Abony became the company's CEO and the largest individual shareholder. In 2003, FUN completed an IPO on the London Stock Exchange raising over $11 million. Soon after, FUN listed its shares on the TSX raising over $56 million from a group of investors including Fidelity Investments
Fidelity Investments
FMR LLC or Fidelity Investments is an American multinational financial services corporation one of the largest mutual fund and financial services groups in the world. It was founded in 1946 and serves North American investors. Fidelity Ventures is its venture capital arm...
, AGF Management and the Ontario Teachers Pension Fund. FUN became one of the fastest growing companies on the TSX and in three years raised over $160 million in five rounds of equity financing. FUN and its subsidiaries acquired seven businesses during Abony's tenure as CEO, including SkillJam Technologies Corporation, Don Best Sports, Fanball Interactive LLC, Octopi Inc., Teagames, WorldWinner Inc. and Fantasy Sports Inc.
The Meridian
Meridian, Colorado
Meridian is a census-designated place in Douglas County, Colorado, United States. The population was 184 at the 2000 census.-Geography:Meridian is located at ....
, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
-based Liberty Media
Liberty Media
Liberty Media Corporation is an American media conglomerate and the control is exercised by company Chairman John C. Malone, who owns a majority of the voting shares....
acquired a majority interest in FUN Technologies stock in 2005. Liberty Media purchased the rest of FUN Technologies in late 2007. The company was valued at nearly C$500 million at the time of its final sale to Liberty Media.
Petopia.com
In January 1998, Abony founded and served as the initial president of the online pet supply business Paw.net in San FranciscoSan Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
. The company, which was eventually renamed Petopia.com, grew to 200 full-time employees within two years and raised over $114 million in financing. Petopia.com was sold to Petco
PETCO
PETCO is a chain of retail stores that offers pet supplies and services such as grooming and dog training. Founded in 1965 and incorporated in Delaware, it is headquartered in San Diego, California...
in 2001.
Green Dot (German: Der Grüne Punkt) Duales System Deutschland GmbH (DSD)
Charity work
Abony sits on the Board of Trustees of the Boston Foundation for Sight, and is the organizer of the foundation's yearly BFS Pro-Am, a tennis tournament bringing professional tennis players such as Vince SpadeaVince Spadea
Vincent Spadea [SPAY-dee-ya] is an ATP Tour professional tennis player from the United States. He is one of only four players in history to defeat Roger Federer 6–0 in set, at a major event....
, Rick Leach
Rick Leach
----Rick Leach is a former professional tennis player and a coach from the United States. A doubles specialist, he won 5 Grand Slam men's doubles titles , and 4 Grand Slam mixed doubles titles . Leach reached the World No...
, Guillermo Canas
Guillermo Cañas
Guillermo Ignacio Cañas , often referred to as Willy Cañas, is a retired Argentine professional tennis player. He was born in Argentina's capital, Buenos Aires, and named after Argentine tennis star Guillermo Vilas. His highest singles ranking was 8th . After retirement Cañas took on coaching, he...
, Jared Palmer
Jared Palmer
Jared Eiseley Palmer is a professional tennis player who won 28 professional doubles titles and one singles title in his career on the ATP Tour. He also won four double titles on the challenger's circuit...
, Donald Johnson
Donald Johnson
----Donald James "Don" Johnson is a former professional tennis player from the United States who reached the World No. 1 doubles ranking in 2002. Although born in Bethlehem, PA he was raised and learned the sport of tennis in the Pittsburgh suburb of Mt. Lebanon, Pennsylvania...
and others with amateur players like Abony to compete with all proceeds going directly to the Boston Foundation for Sight. Abony was also co-chair for the United Jewish Appeal's (UJA) third annual fly-in event, which brought together Henry Kissinger
Henry Kissinger
Heinz Alfred "Henry" Kissinger is a German-born American academic, political scientist, diplomat, and businessman. He is a recipient of the Nobel Peace Prize. He served as National Security Advisor and later concurrently as Secretary of State in the administrations of Presidents Richard Nixon and...
, Dan Quayle
Dan Quayle
James Danforth "Dan" Quayle served as the 44th Vice President of the United States, serving with President George H. W. Bush . He served as a U.S. Representative and U.S. Senator from the state of Indiana....
and Gary Bettman
Gary Bettman
Gary Bruce Bettman is the commissioner of the National Hockey League , a post he has held since February 1, 1993. Previously, Bettman was a senior vice-president and general counsel to the National Basketball Association...
to share their personal, business and philanthropic stories. In November 2010 Abony made a substantial donation to Israel Tennis Centers
Israel Tennis Centers
Israel Tennis Centers is the largest tennis program for children in the world, reaching more than 350,000 families—5% of the Israeli population...
.
An avid tennis player, Abony regularly plays in charity pro-amateur tournaments, including the Charles Evans Prostate Cancer Federation Pro-Am Tennis Tour alongside leaders from the business community, including Mike Milken, David H. Koch
David H. Koch
David Hamilton Koch is an American businessman, philanthropist, political activist, and chemical engineer. He is a co-owner and an executive vice president of Koch Industries, a conglomerate that is the second-largest privately held company in the U.S...
and Terry Semel
Terry Semel
Terry Semel is an American corporate executive who was the chairman and CEO of Yahoo! Incorporated. Previously, Semel spent 24 years at Warner Bros., where he served as chairman and co-chief executive officer...
.
Education and awards
Abony earned a MBAMaster of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
from Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
, an LL.B/J.D. from the International Law Center at the University of Windsor
University of Windsor
The University of Windsor is a public comprehensive and research university in Windsor, Ontario, Canada. It is Canada's southernmost university. It has a student population of approximately 15,000 full-time and part-time undergraduate students and over 1000 graduate students...
and a B.A. from McGill University
McGill University
Mohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
. He is a recipient of Canada's Top 40 Under 40 award and an Ambassador for the Province of New Brunswick
New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only province in the federation that is constitutionally bilingual . The provincial capital is Fredericton and Saint John is the most populous city. Greater Moncton is the largest Census Metropolitan Area...
and in 2006 was a recipient of the University of Windsor's Odyssey award.
Tennis
Abony is a competitive tennis player. He was a member of the Team Canada men's tennis team which competed in the 2009 Maccabiah Games2009 Maccabiah Games
The 2009 Maccabiah Games were the 18th incarnation of the Maccabiah Games, being held in July 2009. According to the organizing committee these were the largest games held yet. On the 13th of July, more than 6,000 Jewish athletes from all over the world joined Team Israel's 3,000 participants at...
in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. He also competes in the USTA Men's NTRP 5.0 Florida Section, where he was ranked fourth in the state in 2010.
Abony also competes in both the ITF and USTA men's over 40 divisions in both the state and national level in both singles and doubles. Abony's doubles partner in the men's over 40 category is Jared Palmer
Jared Palmer
Jared Eiseley Palmer is a professional tennis player who won 28 professional doubles titles and one singles title in his career on the ATP Tour. He also won four double titles on the challenger's circuit...
formerly the world #1 ranked doubles player and Wimbledon
Wimbledon
Wimbledon may refer to:* Wimbledon, London, a suburb in south-west London where the tennis championships are held** Municipal Borough of Wimbledon, a former borough** Wimbledon...
and Australian Open
Australian Open
The Australian Open is the only Grand Slam tennis tournament held in the southern hemisphere. The tournament was held for the first time in 1905 and was last contested on grass in 1987. Since 1972 the Australian Open has been held in Melbourne, Victoria. In 1988, the tournament became a hard court...
doubles champion.
Other activities
Abony sat on the Fraser InstituteFraser Institute
The Fraser Institute is a Canadian think tank. It has been described as politically conservative and right-wing libertarian and espouses free market principles...
, a leading Canadian think tank Board of Trustees from 2006 to 2007.