News Summary

Montreal-based Stingray Group has announced its acquisition of San Francisco-based audio streaming company TuneIn for up to $175 million USD. This strategic move is expected to significantly enhance Stingray’s global digital audio presence by integrating TuneIn’s vast network of over 100,000 radio stations and audio content, reaching more than 75 million listeners monthly. The acquisition aligns with Stingray’s objective to broaden its reach across various platforms, including in-home, automotive, and retail environments. Stingray anticipates the merger will create a global audio leader, boosting its revenue and adjusted EBITDA to exceed $400 million USD. The deal, supported by a term loan, involves an upfront payment of $150 million USD, with an additional $25 million USD payable a year after closing. The acquisition, pending TuneIn shareholder approval, is expected to finalize by year-end. Following the acquisition, TuneIn will retain its brand identity, continuing to operate under its existing name.