Where's your head on this. Do you plan to hold hearings on this deal. Well, I think everybody should just take a deep breath.You know, what we saw under the Biden administration was kind of an immediate knee jerk reaction to say, you know, any time he had two major names and they looked like they were even discussing a merger, that oftentimes there was a a just an onslaught of criticism. And then what what happened is once the regulators and the enforcers kind of took a look at it, it made sense for consume ...

Core Viewpoint - Stingray Group Inc. has announced a definitive agreement to acquire TuneIn Holdings, Inc. for up to US$175 million, aiming to enhance its global digital audio presence and advertising capabilities [1][2][4]. Financial Details - The acquisition is valued at up to US$175 million, with US$150 million paid at closing and up to US$25 million a year later [1][7]. - TuneIn is expected to generate US$110 million in revenue and US$30 million in adjusted EBITDA for the twelve-month period ending December 31, 2025, implying an adjusted EBITDA multiple of 5.8x pre-synergies [7]. - Estimated operational synergies of US$10 million are anticipated within 12 to 18 months post-closing [7]. Strategic Implications - The acquisition will significantly expand Stingray's global digital audio footprint and accelerate growth in streaming services [2][4]. - By integrating TuneIn's ad platform, Stingray aims to enhance its advertising offerings with targeted audio, video, and display advertising solutions [2][4]. - The combination of TuneIn's 75 million active listeners and Stingray's distribution capabilities will create a highly engaged audience for advertisers [4]. Market Position - This transaction positions Stingray as a global leader in audio entertainment and digital advertising sales, with pro forma revenue expected to exceed US$400 million (CA$560 million) [4]. - The acquisition aligns with Stingray's strategy to enhance its presence in the automotive sector, leveraging both companies' strong integrations with leading manufacturers [4][5]. Operational Integration - Following the acquisition, the TuneIn platform will continue to operate under its existing brand, allowing for a seamless integration of services [5]. - The collaboration is expected to create significant growth opportunities for both companies, enhancing their ability to deliver audio content globally [5].

Carriage Fee Disputes and Streaming Bundling - The media industry is facing a watershed moment with carriage battles involving Univision, Comcast/NBCUniversal, and Disney with YouTube TV [2] - Legacy media companies are attempting to bundle their streaming services (Peacock, Disney Plus, Hulu, Vix) into traditional cable and streaming bundles, but this creates a suboptimal user experience [3][4][5] - YouTube TV is prioritizing user experience and resisting the forced bundling of streaming services, which could be critical to the future of media [5] - Media companies find direct-to-consumer (DTOC) streaming services challenging in terms of subscriber growth, marketing, and retention, leading them to seek bundling opportunities with platforms like Amazon Prime, Charter, Comcast, and YouTube [12][13] Content and Platform Power Dynamics - Embedding content like "Love Island" or "Andor" within platforms like YouTube TV could increase viewership and make the service more compelling [7] - Rebundling is occurring as media companies shift usage away from their individual apps and towards larger platforms like YouTube TV [10][9] - NFL and college football content hold significant power in negotiations, potentially leading to an opening up of NFL contracts due to underpayment compared to other sports leagues [20][21] - Google's YouTube TV has leverage in negotiations due to its substantial share (15%) of the multi-channel universe, but Google's broader ambitions for YouTube on TV may balance this leverage [25] Univision and the Value of Sports Content - The removal of Univision from YouTube TV suggests a calculated bet prioritizing content like Sunday Night Football and college football [17] - The Univision negotiation highlights the differential value of having football content versus not having it [19]

Industry Consolidation & Efficiency - The old media industry, encompassing both transport and content, needs further consolidation to achieve scale and efficiency [1] - There are too many streamers in the market [1] Broadcasting & Sports - Broadcasting is evolving into sports distribution, which is currently keeping it alive, though not necessarily highly profitable [1] Content Distribution & Technology - News and sports live content require only one channel, but streaming consumes millions of channels [2] - Big tech currently has the upper hand in distribution due to free internet access enabled by network neutrality regulations [2] - Network neutrality, a regulatory decision by the Obama administration, negatively impacted the traditional cable media alignment [2]

Core Points - United Airlines will offer curated Spotify playlists, audiobooks, and video podcasts on seatback screens, marking a first for Spotify in the airline industry [1] - The collaboration aims to enhance the inflight experience for millions of passengers by providing access to premium content from popular artists, authors, and podcasters [2] - In the following year, passengers will have the ability to log into the Spotify app using their personal devices on the inflight entertainment screen [2]