Stingray Secures $353M Credit Facility, Targets Expansion Following Strong U.S. Growth
Stingray Group has secured a CA$500 million ($353 million) revolving credit facility, marking a significant increase from its previous CA$420 million facility, with maturity set for 2028.
Aerial view of downtown Montreal buildings
The Montreal-based company has the option to pursue additional incremental commitments of CA$100 million ($71 million), potentially bringing the total facility to CA$600 million ($423 million). The National Bank of Canada-led credit line aims to provide enhanced liquidity for operations and future acquisitions.
Stingray's U.S. revenue saw a 53% year-over-year increase to $23.2 million in Q3 2024, primarily driven by growth in FAST channel revenues and digital signage equipment sales. U.S. operations now account for 35% of the company's total quarterly revenue.
CEO Eric Boyko emphasized the company's growth strategy, following their recent acquisition of The Coda Collection. The expanded credit facility strengthens Stingray's position to evaluate and capitalize on market opportunities, including their recent expansion of the Stingray karaoke app to Vizio smart TVs.
The company, which operates over 100 radio stations, continues to focus on free ad-supported streaming offerings, joining other industry players like Lionsgate and 50 Cent in expanding FAST channel partnerships.
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