Stingray acquires InStore Audio Network
Montreal-based Stingray has made a major push into growing its U.S. business by acquiring InStore Audio Network, the largest in-store audio network in the country.
Though likely best known for its music channels on linear TV, Stingray also provides in-store audio for retailers, a business it has been investing heavily in as of late. That has included making ad inventory available programmatically, taking part in initiatives to measure its impact and partnering with Dentsu to give clients access to opportunities in the audio space.
Much like Stingray’s own audio network, InStore Audio Network enables the delivery of targeted digital audio advertising at a location level through its streaming music services in retailers. As part of the new deal, valued at $59 million CAD, Stingray will given InStore Audio Network access to its technology and expertise to broaden its existing retail media offering with a focus on verified audience measurement, digital ad serving and programmatic monetization.
According to Stingray, InStore Audio Network reaches 100 million shoppers each week in over 16,000 grocery retailers and pharmacies across the U.S. It generated the equivalent to $18.5 million CAD in revenue last year.
CBC renews partnership with Hot Docs
After first helping the festival find a home for its content when the pandemic forced a cancellation in 2022, CBC will once again partner with Hot Docs to bring some of its top documentary selections to homes across Canada.
Every Sunday in June, CBC will air first-run Canadian feature-length documentaries at 8 p.m., as well as free on-demand through CBC Gem.
This year’s selections include mysteries Dead Man’s Switch and Portrayal; ecological doc Hell or Clean Water; One of Ours, the story of an adopted man raised in an Indigenous family that was refused the right to play in an Indigenous basketball tournament; and The Gig Is Up, an examination of the working conditions in the gig economy.
The New York Times to buy The Athletic
Sports news network The Athletic is set to be acquired by The New York Times in a $550 million USD deal, according to a report from technology news site The Information.
In the years since its launch, The Athletic has been notable for its subscription-based business model, having teams of beat writers dedicated to specific cities and sports, and its ability to attract high-profile sports journalists from more established outlets. It created a Toronto outpost at the beginning of 2017, expanding to cover the rest of Canada by the end of that year.
The Athletic has not provided detailed reader stats, but surpassed 1.2 million global subscribers as of last fall.
Shortly after the beginning of the pandemic, The Athletic laid off 46 of its global staff. At least two writers from Montreal and one covering the Winnipeg Jets were among the layoffs.