In a move signaling renewed interest in the digital radio sector, Canadian media and technology company Stingray Group has acquired internet radio service TuneIn for $175 million. The deal includes $150 million in cash at closing and up to $25 million in deferred payment, financed through Stingray’s renewed credit facility.
The acquisition marks a major shift in the online streaming landscape. Once valued near $500 million, TuneIn was a pioneer in internet radio streaming, known for bringing traditional radio stations, talk shows, sports broadcasts, and music to a global digital audience. Unlike subscription-heavy services such as Spotify or Apple Music, TuneIn built its business around live radio content accessible across devices, including smart speakers, connected cars, and mobile apps.
Founded in 2002, TuneIn grew to over 75 million monthly active listeners across more than 100 countries and over 200 connected platforms. However, the company faced increasing pressure as consumer listening habits evolved toward on-demand music and podcasts. Despite efforts to diversify into ad-free subscriptions and audiobooks, TuneIn’s growth slowed amid intense competition and changing user expectations.
For Stingray, the deal represents an opportunity to expand beyond its traditional media and music services. Based in Montreal, Stingray operates television music channels, radio stations, and ad-supported streaming platforms. Acquiring TuneIn gives the company instant global reach, access to a vast listener base, and valuable relationships with automakers and device manufacturers. TuneIn’s integration in over 50 car infotainment systems could position Stingray as a stronger player in the in-car audio experience, a fast-growing battleground for streaming companies.
The acquisition values TuneIn at approximately 1.6 times its projected 2025 sales of $110 million and about six times its adjusted EBITDA of $30 million. For a company that once attracted big-name investors and partnerships, the sale price highlights how crowded and capital-intensive the streaming audio market has become.
Still, Stingray appears to be betting on a rebound in digital radio and live content consumption. As advertisers look for alternatives to traditional broadcast and major streaming services, TuneIn’s platform offers diverse ad inventory and a global audience. The acquisition could also help Stingray cross-promote its other media properties, while using TuneIn’s distribution network to scale faster internationally.
The deal is expected to close by year-end, pending customary approvals. Post-acquisition, the TuneIn brand will remain active, while Stingray forecasts that combined revenue will exceed $400 million annually.
For small-cap investors, the move underscores how mid-sized media companies can leverage acquisitions to compete in a market dominated by giants. By acquiring undervalued digital assets like TuneIn, firms such as Stingray can tap into niche but loyal audiences, diversify revenue streams, and strengthen their foothold in the evolving audio ecosystem.
If successful, this acquisition could set the stage for renewed investor confidence in small and mid-cap media technology plays — especially those with the scale and strategy to bridge traditional and digital listening experiences.
