Stingray Acquires TuneIn, Creating an Audio Streaming and Advertising Powerhouse

• Transaction enterprise value of up to US$175 million
• US$150 million paid out at closing, and up to US$25 million paid one-year post-closing
• TuneIn expected to achieve US$110 million of revenues and US$30 million of adjusted EBITDA¹ for the twelve-month period ending December 31, 2025
• Implied adjusted EBITDA multiple of 5.8x¹ pre-synergies
• Estimated operational synergies of US$10 million within 12 to 18 months post-closing
  

MONTREAL, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A; RAY.B) (‘’Stingray’’ or ‘’The Corporation’’), an industry leader in music and video content distribution, business services, and advertising solutions, announced today it has entered into a definitive agreement to acquire TuneIn Holdings, Inc. (‘’TuneIn’’), a pioneer in live audio streaming and ad monetization. The transaction is valued at up to US$175 million, based on TuneIn's forecasted sales of US$110 million and adjusted EBITDA of US$30 million for the twelve-month period ending December 31, 2025. Stingray will pay US$150 million at closing and up to US$25 million 12 months following the closing. Stingray secured an additional US$150 million term loan under its renewed credit facility to finance the transaction.

The transaction is subject to the receipt of the approval of TuneIn’s stockholders, applicable regulatory approvals as well as customary closing conditions for transactions of this nature and is expected to close by year-end 2025. This acquisition is expected to significantly expand Stingray's global digital audio footprint, accelerate its growth in streaming services and bolster its advertising offering by incorporating TuneIn’s comprehensive ad platform, which delivers targeted audio, video, and display advertising solutions.

The acquisition will enhance Stingray’s reach by combining its premium music and video content with TuneIn's robust partnerships with major device manufacturers, automotive companies, and content providers. TuneIn currently serves over 75 million active listeners each month worldwide, providing access to more than 100,000 radio stations, podcasts, music channels, news, sports, and audiobooks. TuneIn's content is distributed across more than 200 platforms and connected devices, including over 50 in-car audio systems, in over 100 countries.