Stingray Group has secured a CA$500 million ($353 million) revolving credit facility, expanding from its previous CA$420 million line, with maturity set for 2028. The company has an additional option to pursue CA$100 million ($71 million) in incremental commitments, potentially bringing the total to CA$600 million ($423 million).

The National Bank of Canada-led facility aims to provide enhanced liquidity for operations and M&A activities. This comes as Stingray, which operates over 100 radio stations, continues its expansion strategy following its recent acquisition of The Coda Collection.

CEO Eric Boyko emphasized the company's growth trajectory, noting that the financing provides significant flexibility for capitalizing on market opportunities. The company recently expanded its digital presence by launching its karaoke app on Vizio smart TVs in October.

Stingray's U.S. operations showed remarkable growth in Q3 2024, with revenue increasing 53% year-over-year to approximately $23.2 million, primarily driven by:

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

While maintaining stable revenue in Canada, which accounts for over half of its business, Stingray joins other companies expanding into free ad-supported streaming. This trend is exemplified by recent initiatives like the Lionsgate and 50 Cent partnership launching the 50 Cent Action Channel on Roku.

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