Stingray acquires U.S.-based InStore Audio Network

MONTREAL — Commercial music service provider and media company Stingray Group Inc. announced today it has acquired Princeton, N.J.-based InStore Audio Network “for total consideration of up to approximately C$59 million subject to a specific earn out mechanism set forth in the purchase agreement,” says Stingray’s press release announcing the deal. InStore Audio Network is “the largest in-store audio advertising network in the United States, reaching 100 million shoppers each week in over 16,000 grocery retailers and pharmacies across the U.S.,” according to the press release. The company “enables the monetization and delivery of highly targeted digital audio advertising at...