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TuneIn, a prominent internet radio service, has been acquired by Stingray Group for $175 million. The deal includes a $150 million payment at closing and up to $25 million in additional payments. This acquisition is part of Stingray’s strategy to expand its reach through partnerships with various industries. The purchase price was based on TuneIn’s projected sales and financial metrics. The acquisition highlights the evolving landscape of online audio services and the competition among streaming platforms. This article is worth reading because it provides insight into the dynamics of the digital media industry. Readers will learn about the strategic moves of major players in the online radio market.
Key facts
- TuneIn, a well-known internet radio service, was acquired by Stingray Group for $175 million.
- The acquisition includes an initial payment of $150 million and potential additional payments of up to $2,5 million.
- Stingray aims to expand its market presence through partnerships with device manufacturers and automakers.
- TuneIn’s content is available on over 200 platforms and connected devices, including more than 50 in-car audio systems.
- The purchase price was based on TuneIn’s projected sales of $110 million and adjusted EBITDA of $30 million.
