MQA Ltd, the company behind the MQA digital music technology, is going into administration.
We don't have many details at the moment, and it's uncertain if the firm's partnership with Tidal – which uses MQA technology to enable its 'hi-res' audio streams – will be affected. But we do know that MQA Ltd is seeking a buyer and has undergone a restructuring process.
The full statement from MQA reads as follows:
"Following the recent positive reception to MQA’s latest technology (SCL6), there has been increased international interest in buying MQA Ltd. At the same time, MQA’s main financial backer is seeking an exit. In order to be in the best position to pursue market opportunities and expedite this process, the company has undergone a restructuring initiative, which includes entering into administration and is comparable to Chapter 11 in the US.
"During this process, MQA continues to trade as usual alongside its partners.
"We won't be commenting further while negotiations take place."
This is a breaking news story, we'll bring you more details as they emerge.
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