Montreal-based Stingray, which operates a sprawling audio advertising network, agreed to buy San Francisco-based TuneIn for up to US$175 million. Stingray shares rose nearly 15 per cent on Wednesday afternoon, after the company estimated that the deal could boost its revenue past $560 million, compared to its $387 million in revenue in the last fiscal year. (The Logic)
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Montreal-based Stingray, which operates a sprawling audio advertising network, agreed to buy San Francisco-based TuneIn for up to US$175 million. Stingray shares rose nearly 15 per cent on Wednesday afternoon, after the company estimated that the deal could boost its revenue past $560 million, compared to its $387 million in revenue in the last fiscal year. (The Logic)
Talking point: Stingray will get access to 75 million monthly active users and thousands of live sports and news broadcasts, radio stations, audiobooks and podcasts from TuneIn, a stalwart in digital broadcasting since the early 2000s whose valuation was reportedly as high as US$500 million in 2017. Stingray has been branching out into new industries like in-car karaoke apps, with hopes the TuneIn acquisition will yield more deals with car manufacturers. Stingray’s revenue grew 21 per cent in its second fiscal quarter, the company said Tuesday, as it used its content to launch TV channels on platforms like Amazon Fire TV and Roku.
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