Perion (NASDAQ & TASE: PERI) has acquired PRN, an in-store retail media company holding exclusive multi-year inventory agreements with several of North America’s largest retailers. The transaction amount is up to $12 million and is expected to be accretive from closing.
The announcement, issued from New York and Tel Aviv, positions the acquisition as an acceleration of Perion’s in-store media presence rather than a standalone bet on a new category. Perion describes itself as an advanced technology leader solving for the complexities of digital advertising through AI-native execution infrastructure, and the PRN assets slot into that infrastructure at the point where a shopper is standing in front of a shelf.
Deal Terms
The transaction terms are up to $12 million in cash paid at closing, subject to customary purchase price adjustments, on a cash free and debt free basis. Perion expects the acquisition to contribute approximately $3 million to Adjusted EBITDA in 2027 before taking into account any synergies. It is expected to be accretive from closing and is not expected to have a material impact on the company’s full-year 2026 outlook.
The all-cash consideration eliminates post-closing contingencies and complexity, allowing Perion to focus resources immediately on integration and value creation. Perion frames the structure as a reflection of its disciplined M&A approach, securing immediate access to exclusive point-of-purchase inventory and established retailer relationships without a long earn-out tail.
The Inventory Perion Is Buying
PRN’s footprint covers point-of-purchase media across warehouse club, pharmacy, consumer electronics and grocery environments. That includes a top warehouse club’s 4K TV network across 750-plus warehouse club locations in North America, a top big-box retailer across 4,500-plus stores, and a leading national healthcare retailer across 2,200-plus stores.
These are exclusive, multi-year inventory agreements with national-scale tier-1 retailers across warehouse club, big-box and healthcare retail. The capability is North America only, spanning the U.S., Canada and Mexico footprint.
Three Verticals, One Footprint
The retail categories PRN serves map directly onto three of the fastest growing advertising verticals: Commerce, CPG and Health Care. By combining premium in-store inventory with those verticals, Perion is expected to attract larger advertiser budgets and accelerate growth across both the Retail Media and DOOH channels.
Physical retail accounts for more than 80% of U.S. retail commerce, and in-store media inventory has become one of the most coveted components of major consumer brands’ media plans, reaching customers at the point of purchase. As advertisers push for full-funnel omnichannel continuity, closing that gap has become a structural requirement for the industry.
Where This Sits in the Perion Stack
With PRN, Perion’s offering spans programmatic digital-out-of-home, commerce, social, in-store retail media, CTV and direct demand relationships, within a single execution layer. Over time, Perion expects to leverage programmatic execution to in-store retail media, operating within the rules each retailer sets for content, frequency and store experience.
The acquisition scales Perion’s digital suite directly into exclusive point-of-purchase environments, extending its solutions through to the final layer before purchase. Internally, Perion characterizes the addition as completing its Screen to Shelf vision, bringing physical point-of-purchase screens into a lineup that already included CTV, DOOH, social and web.
Four Stated Priorities
Perion lists four strategic priorities the combination is intended to advance.
Multi-vertical and geographic expansion comes first, through the point-of-purchase footprint described above and the direct access it gives Perion to advertising’s highest-spending verticals.
Second is exclusive in-store retail media inventory, adding the multi-year agreements with tier-1 retailers.
Third is last-mile to point-of-purchase precision, combining Perion’s programmatic DOOH footprint with PRN’s in-store network to reach shoppers across the full last mile, from the commute to the shelf, placing brands in front of shoppers as they compare products and make final purchase decisions.
Fourth is retail media market expansion, opening access to net-new advertiser budgets within the $70B-plus U.S. retail media market. Perion notes that the larger opportunity is in-store’s role as the closing layer on full-funnel campaigns.
What the Principals Said
Tal Jacobson, CEO of Perion, said: “The PRN acquisition checks all the boxes – Strategic, Synergetic and Profitable from day one. PRN gives us the ultimate channel before any decision to purchase.”
He added: “Our intent is to leverage the breadth of our channel offering, including CTV and digital out-of-home, so a brand can execute a single campaign from the living room to the shelf. For retailers, it means curated monetization that protects the store environment. This expands our TAM across the retail media market and opens budgets that have not historically been programmatically addressable. I want to welcome the talented team of PRN as they join our journey to provide the best solutions for advertisers worldwide.”
Kevin Carbone, CEO of PRN, said: “Joining Perion will allow us to deliver greater overall value to our retailers and advertisers. Marketers want to plan in-store advertising the way they plan every other channel. Perion brings the demand and the execution to make that possible, while retailers keep the same control over what runs in their stores.”
Operating Structure After Closing
PRN will operate as Perion Retail Networks, with no disruption to existing retailer or advertiser relationships. The continuity point matters commercially, because the value in the transaction is concentrated in agreements that were negotiated store by store and category by category over years.
Company Backgrounds
Perion is an advanced technology leader redefining advertising through AI-native infrastructure, delivering real-time media execution across CTV, digital out-of-home, commerce and retail media, social and digital environments. Powered by Outmax, the company’s proprietary AI Agent, Perion helps brands, agencies and retailers optimize spend and performance, driving measurable outcomes at scale.
PRN is a pioneer in retail and point-of-care media, helping retailers, healthcare organizations and brands transform physical locations into engaging media environments. Operating across multiple retail and healthcare ecosystems, PRN designs, deploys, monetizes and measures media networks that connect consumers with relevant content and advertising at critical moments of decision-making.
Non-GAAP Note
Perion’s announcement includes certain non-GAAP measures, including Adjusted EBITDA, defined as GAAP income or loss from operations excluding stock-based compensation expenses, retention and other acquisition-related expenses, unusual legal costs, gains and losses recognized with respect to changes in fair value of contingent consideration, amortization of acquired intangible assets, restructuring costs and other charges as well as depreciation.
Perion states that these adjustments are intended to give an indication of performance exclusive of non-cash charges and other items management considers outside core operating results, that the measures are used internally in planning and forecasting, and that they should be read only in conjunction with consolidated financial statements prepared in accordance with GAAP. Because of variability in forecasting some of the excluded information, no reconciliation of the forward-looking non-GAAP measures is included.
