Stingray Group Completes Its Purchase Of TuneIn.

Stingray Group has closed on its previously announced acquisition of TuneIn Holdings for $175 million, with all conditions to closing the deal satisfied.

In November, Stingray — a Montreal-based music, media and technology company with 540 million listeners and viewers across all of its services in 160 countries — announced its intention to purchase San Francisco-based TuneIn, which serves more than 75 million active listeners worldwide with access to more than 100,000 radio stations and more than 5 million podcasts, distributed across more than 200 platforms and connected devices, including over 50 in-car audio systems, in over 100 countries.

The companies expect the acquisition to significantly increase Stingray’s reach by combining its premium music and video content with TuneIn’s long list of partnerships with major device manufacturers, automotive companies and content providers. After the deal, the TuneIn platform will continue to operate under its existing brand.

“We are delighted to complete this strategic acquisition and officially welcome the TuneIn team to Stingray,” Stingray President, Co-Founder and CEO Eric Boyko says. “The combination strengthens our market position in the global audio landscape, expands our reach to millions of new listeners, and creates significant new opportunities for expansion. We are focused on seamlessly integrating TuneIn and executing our strategy to drive long-term growth.”

In a Q&A with Inside Radio in November, TuneIn co-Chairman and CEO Richard Stern noted that “We’ve been partners for more than three years,” referencing TuneIn’s deal to distribute and monetize Stingray’s Canadian radio stations and the music streaming service Calm Radio in its subscription bundle. “We picked up real quickly that our cultures and values were very compatible. Scale is kind of everything in our business, and it just made a lot of sense to put these two companies together.”

Hinting at the good timing of the deal with Stingray, Stern added that “This is going to be the biggest revenue, as well as the biggest profit year, in the company’s history,” with revenue nearing $110 million with close to $30 million in earnings.