Houlihan Lokey Advises TuneIn

Houlihan Lokey is pleased to announce that TuneIn Holdings, Inc. (TuneIn), has been acquired by The Stingray Group Inc. (Stingray; TSX:RAY.A/RAY.B). Houlihan Lokey served as the exclusive financial advisor to TuneIn. The transaction closed on December 19, 2025.

Founded in 2002 (originally as RadioTime), TuneIn is a live-streaming and on-demand audio platform that offers access to sports, music, talk, and news from around the world. Over the years, the company has attracted backing from notable investors, including Sequoia Capital, Google Ventures, General Catalyst, Comcast Ventures, and Marker, before Innovation Endeavors took a controlling stake in 2020. Per Stingray’s announcement of the transaction, TuneIn is being acquired for an enterprise value of up to $175 million.

Stingray is a global leader in music and video content distribution, business services, and advertising solutions. Headquartered in Montreal, Canada, the company delivers specialty audio and video channels, streaming services, and in-store media solutions to both consumers and commercial clients worldwide, enabling brands and listeners to engage through curated music, branded media experiences, and integrated advertising tools.

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 more than 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 more than 100 countries.

“This acquisition marks a pivotal moment in Stingray’s journey to further strengthen its position as a global leader in audio entertainment and digital advertising sales,” stated Eric Boyko, President, Co-Founder, and CEO of Stingray. ”We are crafting an unmatched audio ecosystem by merging Stingray’s extensive technology infrastructure and content distribution capabilities with TuneIn’s expertise in monetization, advertising technology, and diverse content offerings.”

”Stingray is the ideal partner to propel TuneIn’s next chapter of growth,” said Richard Stern, Co-Chairman and CEO of TuneIn. ”Our global reach and advanced advertising capabilities, combined with Stingray’s audio and video distribution, create a significant growth opportunity for both our companies. Joining forces with Stingray allows us to accelerate our mission of delivering the world’s best audio content to listeners everywhere, while creating powerful new avenues for advertisers to connect with a highly engaged audience.”

TuneIn continues to operate under its existing brand following the acquisition.

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