News Summary

Stingray Group, a Montreal-based company known for owning over 100 radio stations in Canada and providing music technology and advertising services, has announced its acquisition of TuneIn, a global internet radio service, for up to $175 million. This strategic acquisition aims to broaden Stingray’s reach in the digital audio streaming market by leveraging TuneIn’s extensive platform, which is available in more than 100 countries and on over 200 connected devices, including 50 in-car audio systems. Founded in 2002, TuneIn was valued at around $500 million during its peak but struggled in the competitive streaming market. The acquisition is financed through Stingray’s renewed credit facility, with $150 million paid at closing and an additional $25 million contingent on future milestones. Despite challenges, TuneIn boasts over 75 million monthly active listeners globally. With this acquisition, Stingray anticipates its annual revenue to exceed $400 million, signaling a significant expansion in its audio streaming and advertising capabilities.