Stingray buys InStore Audio Network
Montreal-based media distribution company Stingray Group has expanded its operations in the United States by acquiring InStore Audio Network of Princeton, NJ. The company operates an audio distribution service in 16,000 US-based grocery stores and pharmacies including CVS, Rite Aid, Albertsons, Safeway, Southeastern Grocers, Ahold, Tops Markets, Weis Market and Brookshires. The deal is valued at approximately $59 million. Stingray will operate InStore Audio Network with its current management.
“Both agencies and brands have shown strong interest in reaching and connecting with principal shoppers within retail environments through an innovative, digital-first advertising solution,” said Eric Boyko, president and CEO of Stingray. “We are thrilled to welcome InStore Audio Network to the Stingray family and look forward to building strong connections between retailers, consumers, and brands. We expect this acquisition to deepen our presence in the US market and drive revenue within the growing retail media category.”