Stingray Group has secured a CA$500 million (US$353 million) revolving credit facility, expanding from its previous CA$420 million facility, with maturity set for 2028. The company has an additional option for CA$100 million in incremental commitments, potentially bringing the total to CA$600 million.

The National Bank of Canada-led credit facility aims to support operations and future M&A activities for the Montreal-based media company, which operates over 100 radio stations.

Eric Boyko, Stingray's CEO, emphasized the company's growth strategy following their recent acquisition of The Coda Collection. The company has already shown strong market performance, with U.S. revenue increasing 53% year-over-year to US$23.2 million in Q3 2024, primarily driven by:

• Increased FAST channel revenues
• Growth in digital signage equipment and installation sales
• U.S. operations now representing 35% of total quarterly revenue

Stingray continues to expand its digital presence, recently launching its karaoke app on Vizio smart TVs. This move aligns with broader industry trends toward free ad-supported streaming, similar to recent initiatives like the Roku-exclusive 50 Cent Action Channel.

The company's Canadian market revenue, while still accounting for over half of total revenue, has remained stable across recent quarters. This new credit facility positions Stingray for continued expansion, particularly in the U.S. market where they've seen significant growth.

Related Articles

Previous Articles