Perion has acquired PRN for as much as $12 million, enhancing its in-store retail media presence throughout North America.

      TL;DR: Perion (NASDAQ: PERI) has acquired PRN, a retail media company focusing on in-store advertising, for up to $12 million in cash. This acquisition provides exclusive advertising inventory in over 750 warehouse club sites, more than 4,500 big-box stores, and around 2,200 healthcare retail locations. PRN will function as Perion Retail Networks and is projected to generate approximately $3 million in adjusted EBITDA by 2027, prior to any synergies. Physical retail constitutes over 80% of U.S. retail commerce.

      Advertisers have been striving to connect their digital campaigns with in-store activities for years. Perion's recent acquisition aims to bridge this divide by expanding its advertising infrastructure from digital channels like connected TV and digital out-of-home to the point of purchase.

      Perion, an ad tech company based in North America and Israel, announced the purchase of PRN, which has multi-year contracts covering major retail and healthcare sectors. The cash deal is valued at up to $12 million and is anticipated to be beneficial from the time of closing.

      This agreement provides Perion with access to exclusive in-store inventory across various environments, including warehouse clubs, large retail chains, pharmacies, consumer electronics, and grocery stores, adding a physical aspect to its current digital advertising capabilities.

      This move highlights the growing importance of in-store media in the broader retail media strategies of brands. Perion asserts that physical retail accounts for over 80% of U.S. retail commerce, and the retail media market in the U.S. exceeds $70 billion.

      From Digital Campaigns to In-Store Purchases

      The acquisition's strategic purpose revolves around the interaction between advertising impressions and actual purchases. A consumer may see a campaign on connected TV, social media, or an outdoor screen, but the purchase decision might take place shortly after in a store while comparing products.

      Perion aims to utilize PRN's network to extend advertising into this crucial final stage. The company noted that the acquisition will merge its programmatic digital out-of-home presence with PRN’s in-store network, allowing brands to reach customers throughout the “complete last mile,” from commuting to the shelf.

      The North American network includes a 4K television network managed by a leading warehouse club across more than 750 locations, a major big-box retailer with over 4,500 stores, and a top national healthcare retailer with more than 2,200 locations.

      Perion stated that this expanded network will enhance its visibility across three advertising sectors: commerce, consumer packaged goods, and healthcare.

      A Wider Retail Media Opportunity

      The acquisition also broadens what Perion can provide to advertisers. Instead of treating in-store media as a distinct channel, the company plans to integrate it into the same execution layer as its existing advertising services.

      “Advertisers want to manage in-store advertising similarly to other channels. Perion offers the demand and execution capabilities to facilitate this, while retailers maintain control over what is displayed in their stores,” commented Kevin Carbone, CEO of PRN.

      In the long run, Perion anticipates applying programmatic execution to in-store retail media while adhering to individual retailers’ guidelines regarding content, frequency, and overall store experience.

      This strategy could enable advertisers to coordinate campaigns across CTV, DOOH, social media, e-commerce, and physical retail spaces while allowing retailers to maintain authority over the content shown in their stores.

      Perion’s M&A Strategy

      Tal Jacobson, CEO of Perion, characterized the acquisition as both a strategic and financial growth opportunity.

      “The PRN acquisition fulfills all criteria – strategic, synergistic, and profitable from day one. PRN provides us with a crucial channel right before a purchasing decision,” Jacobson stated. “We aim to leverage our extensive channel offerings, including CTV and digital out-of-home, allowing brands to run a single campaign from the living room to the shelf. For retailers, this means curated monetization that preserves the store environment. This expands our total addressable market in the retail media space and unlocks budgets that have traditionally not been accessible programmatically. I extend a warm welcome to the talented PRN team as we embark on this journey to deliver the best solutions for advertisers globally.”

      Under the agreement, Perion will pay up to $12 million in cash upon closing, subject to standard purchase price adjustments, with the deal structured on a cash-free and debt-free basis.

      PRN is expected to contribute around $3 million in Adjusted EBITDA in 2027 before accounting for synergies. Perion indicated that the acquisition is not projected to materially impact its full-year outlook for 2026.

      PRN will function as Perion Retail Networks, and Perion assured that there will be no disruption to existing retailer or advertiser relationships.

      This acquisition highlights a broader evolution in retail advertising: digital campaigns increasingly need to remain relevant beyond screens and closer to the moment consumers make their purchasing choices. By incorporating physical point-of-purchase inventory into