In one fell swoop, Stingray Group Inc. has struck a deal to acquire TuneIn Holdings, Inc. For up to US$175 million, the deal includes US$150 million at closing and up to US$25 million a year later. This is based on TuneIn’s projected revenues of US$110 million and adjusted EBITDA of US$30 million for the year ending December 31, 2025. The deal should close by the end of 2025, pending shareholder and regulatory approval. It aims to achieve around US$10 million in operational synergies within 12 to 18 months after closing.
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The move greatly boosts Stingray’s global digital audio reach and ad capabilities. It combines its content distribution system with TuneIn’s ad-monetization platform. It also reaches 75 million active listeners monthly. They use 200 platforms and devices. “This acquisition marks a pivotal moment in Stingray’s journey to further strengthen its position as a global leader in audio entertainment and digital advertising sales,” said Eric Boyko, President, Co-founder and CEO of Stingray. “We are crafting an unmatched audio ecosystem by merging Stingray’s extensive technology infrastructure and content distribution capabilities with TuneIn’s expertise in monetisation, advertising technology, and diverse content offerings.” Meanwhile, TuneIn’s Co-Chairman and CEO Richard Stern added: “Joining forces with Stingray allows us to accelerate our mission of delivering the world’s best audio content to listeners everywhere, while creating powerful new avenues for advertisers to connect with a highly engaged audience.” With pro forma revenue set to exceed US$400 million – or CA$560 million – the acquisition positions Stingray as a major player in the fast-growing digital audio advertising market while further expanding its car-audio, retail and device-based reach.
