Stingray Group, a global leader in music and video content distribution, business services, and advertising solutions, announced that it has entered into a definitive agreement to acquire TuneIn Holdings, a leading live audio streaming and ad monetization platform. The transaction is valued at up to $175 million, with $150 million to be paid at closing and an additional $25 million payable one year post-closing.
Based on TuneIn’s forecasted financials of $110 million in revenues and $30 million in adjusted EBITDA for the twelve months ending December 31, 2025, the deal reflects an implied adjusted EBITDA multiple of 5.8x before synergies. Stingray anticipates $10 million in operational synergies within 12 to 18 months following closing. The transaction will be financed through a newly secured $150 million term loan under Stingray’s renewed credit facility.
The acquisition, which is subject to approval by TuneIn stockholders, regulatory clearances, and customary closing conditions, is expected to close by year-end 2025. Upon completion, it will substantially expand Stingray’s global digital audio footprint and strengthen its advertising and streaming capabilities. By integrating TuneIn’s advanced ad platform, which supports targeted audio, video, and display advertising, Stingray aims to become a dominant force in the global audio entertainment market.
The combination of Stingray’s extensive music and video catalog with TuneIn’s distribution network will enable the delivery of an expansive range of audio content across devices and platforms. TuneIn currently reaches over 75 million active monthly listeners across more than 100,000 radio stations, podcasts, music channels, and audiobooks. Its service is available on over 200 platforms and connected devices, including more than 50 automotive audio systems in over 100 countries.
This acquisition will also strengthen Stingray’s advertising position by connecting its existing retail audio ad network with TuneIn’s global audience. Together, the companies are expected to create a unified, data-driven advertising offering, positioning Stingray as a leading international player in the rapidly growing digital audio advertising market. The combined entity is projected to generate pro forma revenues exceeding $400 million (CA$560 million).
Following the acquisition, TuneIn will continue to operate under its existing brand while leveraging Stingray’s technology and content infrastructure to accelerate its next phase of growth.
KEY QUOTES:
“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. 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.”
Eric Boyko, President, Co-Founder, and CEO, Stingray Group Inc.
“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.”
Richard Stern, Co-Chairman and CEO, TuneIn
