Stingray Group Inc., an industry leader in music and video content distribution, business services, and advertising solutions, announced that it has closed its previously announced acquisition (the “Transaction”) of TuneIn Holdings, Inc. (“TuneIn”) after all conditions precedent to closing the Transaction have been satisfied.
“We are delighted to complete this strategic acquisition and officially welcome the TuneIn team to Stingray,” said Eric Boyko, President, Co-Founder and CEO of Stingray. “The combination strengthens our market position in the global audio landscape, expands our reach to millions of new listeners, and creates significant new opportunities for expansion. We are focused on seamlessly integrating TuneIn and executing our strategy to drive long-term growth.”
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Total consideration for the Transaction is up to US$175 million in cash, consisting of US$150 million paid at closing and up to an additional US$25 million payable 12 months following the closing. The Transaction was financed through a US$150 million term loan under the Company’s renewed credit facility.
Stingray was advised by National Bank Capital Markets as financial advisor and Davies Ward Phillips & Vineberg LLP as legal counsel. Houlihan Lokey Capital, Inc. acted as financial advisor to TuneIn and Skadden, Arps, Slate, Meagher & Flom LLP acted as TuneIn’s legal counsel.
About Stingray
Stingray Group Inc. (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, 96 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content. Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America’s largest retail audio advertising network, delivering digital audio messaging to more than 33,500 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries
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Source – GlobeNewswire
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