Stingray Announces Completion of TuneIn Acquisition

Core Viewpoint - Stingray Group Inc. has successfully completed the acquisition of TuneIn Holdings, Inc., enhancing its position in the global audio market and creating new growth opportunities [1][2]. Financial Details - The total consideration for the acquisition is up to US$175 million, comprising US$150 million paid at closing and an additional US$25 million payable within 12 months [2]. - The acquisition was financed through a US$150 million term loan under the company's renewed credit facility [2]. Strategic Implications - The acquisition is expected to strengthen Stingray's market position, expand its listener base, and create significant opportunities for future growth [2]. - The company aims to integrate TuneIn seamlessly and execute its strategy for long-term growth [2]. Company Overview - Stingray Group Inc. is a global leader in music, media, and technology, providing a wide range of services including TV broadcasting, streaming, radio, and advertising [4]. - The company operates 96 radio stations and offers various digital services, reaching 540 million consumers across 160 countries [4].