Perion acquires PRN for up to $12 million, expanding in-store retail media reach across North America

For years, advertisers have been trying to connect digital campaigns with what happens inside physical stores. Perion’s latest acquisition is aimed at closing that gap, extending its advertising infrastructure from channels such as connected TV and digital out-of-home into the point of purchase.

Perion, an advertising technology company operating in North America and Israel, announced the acquisition of PRN, an in-store retail media company with multi-year agreements covering major retail and healthcare environments. The transaction is valued at up to $12 million in cash and is expected to be accretive from closing.

The deal gives Perion access to exclusive in-store inventory across warehouse club, big-box, pharmacy, consumer electronics and grocery environments, adding a physical layer to its existing digital advertising capabilities.

The move comes as in-store media becomes a more important part of brands’ broader retail media strategies. According to Perion, physical retail accounts for more than 80% of U.S. retail commerce, while the U.S. retail media market exceeds $70 billion.

From Digital Intent to Point-of-Purchase Decisions

The strategic rationale behind the acquisition centers on what happens between an advertising impression and a purchase. A consumer might encounter a campaign on connected TV, social media or an outdoor screen, but the final decision can happen minutes later inside a store while comparing products on the shelf.

Perion is positioning PRN’s network as a way to extend campaigns into that final stage. The company said the acquisition will combine its programmatic digital out-of-home footprint with PRN’s in-store network, allowing brands to reach shoppers across the “full last mile,” from the commute to the shelf.

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

Perion said the expanded footprint will give it greater exposure to three advertising verticals: Commerce, consumer packaged goods and health care.

A Broader Retail Media Opportunity

The acquisition also changes the scope of what Perion can offer advertisers. Rather than treating in-store media as a separate channel, the company plans to bring it into the same execution layer as its other advertising capabilities.

“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,” said Kevin Carbone, CEO of PRN.

Over time, Perion expects to apply programmatic execution to in-store retail media while operating within individual retailers’ rules around content, frequency and the store experience.

That approach could give advertisers a way to coordinate campaigns across CTV, DOOH, social, commerce and physical retail environments while allowing retailers to maintain control over the content displayed in their locations.

Perion’s M&A Strategy

Tal Jacobson, CEO of Perion, described the acquisition as both a strategic and financial expansion.

“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,” said Jacobson. “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.”

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

PRN is expected to contribute approximately $3 million in Adjusted EBITDA in 2027 before synergies. Perion said the acquisition is not expected to have a material impact on its full-year 2026 outlook.

PRN will operate as Perion Retail Networks, with Perion saying there will be no disruption to existing retailer or advertiser relationships.

The acquisition ultimately reflects a broader shift in retail advertising: digital campaigns increasingly need to remain relevant beyond the screen and closer to the moment when consumers actually make purchasing decisions. By adding physical point-of-purchase inventory to its existing advertising infrastructure, Perion is seeking to make that final step part of the same North American media equation.