It is the parent of the TuneIn audio streaming app, which competes for ears with iHeartRadio and the Audacy app when it comes to the non-broadcast versions of live and local AM and FM stations across the U.S. Soon, it will become a unit of a Montréal-based media company with 24/7 commercial free music channels available on MVPDs such as Hotwire Communications and a group of Canadian radio stations that includes top-rated CHBM “Boom 97.3” in Toronto.
The pending new owner of TuneIn Holdings is Stingray Group Inc., the Canadian entity focused on music and video content distribution, business services, and advertising solutions.
According to a press release distributed late Tuesday, the transaction is valued at up to $175 million USD, based on TuneIn’s forecasted sales of $110 million USD and adjusted EBITDA of $30 million USD for FY2025.
Stingray will pay $150 million USD at closing and up to $25 million USD some 12 months following the closing.
Stingray secured an additional US$150 million term loan under its renewed credit facility to finance the transaction.
The transaction is subject to the receipt of the approval of TuneIn’s stockholders, applicable regulatory approvals as well as customary closing conditions for transactions of this nature and is expected to close by year-end 2025, the companies said.
“This acquisition is expected to significantly expand Stingray’s global digital audio footprint, accelerate its growth in streaming services and bolster its advertising offering by incorporating TuneIn’s comprehensive ad platform, which delivers targeted audio, video, and display advertising solutions,” Stingray said.
The acquisition is also designed to “enhance” Stingray’s reach by combining its music and video content with TuneIn’s robust partnerships with major device manufacturers, automotive companies, and content providers.
TuneIn currently serves more than 75 million active listeners each month worldwide, providing access to more than 100,000 radio stations, podcasts, music channels, news, sports, and audiobooks. In recent years, agreements with both iHeartMedia and Audacy broke the streaming silos in the U.S., making TuneIn one of the few single-platform destinations for those wanting access to every local station in a given market. Holdouts persist, however, including Townsquare Media.
“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,” stated Eric Boyko, the President/CO and co-founder 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 monetization, advertising technology, and diverse content offerings. We’re particularly excited about expanding our reach in the automotive sector, where TuneIn and Stingray have both established strong integrations with leading manufacturers. This aligns perfectly with our strategy to meet listeners wherever they are – at home, in the car, or at retail locations. Together, we are poised to redefine audio for a connected world, delivering extraordinary value to our listeners, content partners, and advertisers.”
TuneIn co-Chairman and CEO Rich Stern added, “Stingray is the ideal partner to propel TuneIn’s next chapter of growth. Our global reach and advanced advertising capabilities, combined with Stingray’s audio and video distribution, creates a significant growth opportunity for both our companies. 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.”
Following the acquisition, the TuneIn platform will continue to operate under its existing brand.
Advisors
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National Bank Capital Markets is acting as financial advisor to Stingray
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Davies Ward Phillips &Vineberg LLP is acting as Stingray’s legal counsel
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Houlihan Lokey Capital, Inc. is acting as financial advisor to TuneIn
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Skadden, Arps, Slate, Meagher & Flom LLP is acting as TuneIn’s legal counsel
