Internet radio service TuneIn, a competitor of sorts to Sirius XM and other streamers, was worth about $500 million in its heyday, but is now being sold for just $175 million. The buyer, music and technology company Stingray Group, plans to pay $150 million upon closing and up to $25 million a year later.
The company announced Wednesday that it funded the transaction with financing under a renewed credit facility.
Founded in 2002, TuneIn was an early player in the online music space. Unlike rivals like Apple Music and Spotify Premium, which offer ad-free, subscription-based music on demand, TuneIn focused on streaming traditional radio stations over the Internet. This business model also allowed TuneIn to go beyond music and distribute a variety of content, including news, talk, and live sports. The company sought to monetize this content through paid subscriptions that also included audiobooks and ad-free radio channels.
But the company struggled to compete in a crowded streaming market, especially as consumer demand for talk radio shifted to podcasts and people became more comfortable paying for ad-free music subscriptions.
Stingray, a Montreal-based company that owns radio stations and provides music technology and advertising services, acquired TuneIn to expand its reach through partnerships with device manufacturers, automakers and content providers, among other things. The company said TuneIn content is available on more than 200 platforms and connected devices, including more than 50 in-car audio systems across more than 100 countries.
The acquisition price of $175 million is based on TuneIn’s expected sales of $110 million and adjusted EBITDA of $30 million for the 12 months ending December 31, 2025. TuneIn has more than 75 million monthly active listeners worldwide.
Stingray says the TuneIn brand will remain. Once the transaction closes, Stingray expects to generate revenue in excess of $400 million.
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