Online radio firm TuneIn raises $50m for content to lure paying listeners
TuneIn, the online radio company, has raised $50m to fund its growing portfolio of programming for a paid service that rivals Sirius XM, the dominant player in satellite radio. The deal values TuneIn at about $500m, according to a person with knowledge of the matter who asked not to be identified because the terms are private. Marker, IVP and Comcast Ventures led the funding, which also included Sequoia Capital, Causeway Media Partners and General Catalyst Partners. The company has raised $140m to date. TuneIn will use the money to pay for rights to live sporting events and original programming such as podcasts and music shows, which will help the company sign up more customers for a two-year-old subscription service. Paying subscribers can listen to live streams of games from major US sports leagues, as well as foreign sports. Two-thirds of TuneIn users hail from outside the US "Two years ago we launched a premium subscription with a play-by-play of every game from every league, ho...
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