Castanet Media has been sold to a Canadian media group based out of Vancouver.
The price tag on Glacier Media’s acquisition of the Okanagan-based digital platform was $22 million for Castanet’s assets and another $2 million for shares of Avenue Radio.
Of that, $18.7 million was paid at closing and the rest is payable over the next two years.
“(Glacier Media) is building its digital media business through a combination of local community websites, digital marketing services and specialty products and services,” said a release from Glacier Media about the acquisition.
“The combination of these three offerings allows (Glacier Media) to develop its own audience and products and satisfy the comprehensive marketing needs of its customers.”
Castanet has been an online presence in the Okanagan Valley for nearly two decades.
It now has operations in Kelowna, Penticton and Vernon with over 50 employees spread across the three cities.
Avenue Radio is a sister company of Castanet and the owner of Okanagan Oldies 103.9, a radio station launched on Nov. 1, 2017.
Glacier Media’s acquisition of Avenue Radio is subject to approval from the Canadian Radio-television and Telecommunications Commission.
These latest acquisitions add to Glacier Media’s collection of over 160 media properties, including 94 business brands and 68 community brands.
To find out more about Glacier Media, click this link.
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