POP Radio Receives $12M to Acquire In-Store Broadcasting Network

POP Radio LP (doing business as InStore Audio Network), a Salt Lake City, UT-based large advertiser-supported in-store audio network, broadcasting to over 33,000 grocery, drug and mass merchandiser stores, has received a $12.0m in debt financing.

Backers include Gladstone Capital Corporation (NASDAQ: GLAD), together with Alta Communications and certain limited partners of the company.

The company intends to use the proceeds from the financing for its acquisition of In-Store Broadcasting Network, Inc., which brings additional 14,500 grocery and drug stores throughout the country.

Led by Chairman Jeff Shapiro and President and CEO Gary Seem, the InStore Audio Network provides music programming and equipment, retail specific messaging and third party ad sales to retailers such as Walgreen, Kroger, CVS, Pathmark, Duane Reade, Wegmans, Rite Aid and Food Lion.



Join the discussion