TORONTO — The owner of such radio stations as “Boom 97.3” in Toronto and “Live 88.5” in Ottawa, which has a presence in the U.S. via its audio channels found on such MVPD service providers as Hotwire, has finalized the approximately $46,642,450 USD acquisition of the largest in-store audio advertising network in the 50 states.
As a result, Stingray, based in Montréal, is now the owner of InStore Audio Network.
That’s the Gary Seem and Jeff Shapiro-led entity sold by Pop Radio LP for $59 million CDN.
Serving as the broker in the transaction is Richard A. Foreman and Associates.
InStore says it reaches some 100 million shoppers each week in more 16,000 grocery retailers and pharmacies across the U.S., including CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers (Winn-Dixie), Ahold (Food Lion, Giant, Hannaford and Stop & Shop), Western New York-focused Tops Markets, Pennsylvania Dutch Country favorite Weis Market and Brookshire’s, with more than 180 stores operating in Texas, Louisiana, Arkansas, and Oklahoma.
The total price paid by Stingray is subject to a specific earn out mechanism set forth in the purchase agreement.
“With this acquisition, Stingray expands its retail-based digital audio advertising footprint in the United States and reaffirms its position as a leading global provider of state-of-the art digital media solutions,” Stingray says.
InStore will continue until the continued leadership and direction of its current management team, Stingray says.
— Carina Newton, in North York
