Media Outlet Sold

By Corey Fischer

Media Outlet Sold

Apr 5, 2019 | 11:11 AM

A well known Okanagan media outlet has a new owner.

Castanet Media has been sold by owner Nick Frost to Glacier Media for 22 million dollars along with two million dollars for the company’s Kelowna radio station.

Castanet has been operating for 18 years, and has operations in Kelowna, Penticton and Vernon with over 50 staff.

Glacier does not say if any changes are planned.

“Castanet’s growth and market position, as well as the growth of Glacier Digital Media’s operations, demonstrate that a long-term digital business model exists in community media that offers attractive growth in audience development, revenue and profitability,” says a media release from Glacier.

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“The Company is building its digital media business through a combination of local community websites, digital marketing services and specialty products & services. The combination of these three offerings allows the Company to develop its own audience and products and satisfy the comprehensive marketing needs of its customers.”

The release says $18.7 million was paid at closing and the remainder is payable over two years.

“The acquisition was funded through bank borrowings and a $10 million unsecured loan that was arranged from Madison Venture Corporation in order to provide certainty of funding for the acquisition and allow greater financial flexibility compared to increased senior debt borrowing.”

Glacier Media owns newspapers in BC, Alberta and Saskatchewan, as well as business media and marketing platforms.

by Corey Fischer