Glacier Media buys Kelowna-based online news service Castanet for $22M
Castanet has over 50 staff and has been operating in the Okanagan for 18 years
The Glacier Media Group is purchasing Okanagan-based news company Castanet Media Ltd.
Castanet is a news website that has been in operation for over 18 years. In a statement issued Friday, Glacier Media announced it is buying the company for $22 million.
Launched in Kelowna, Castanet expanded into Vernon three years ago and into Penticton two years ago. It employs 50 staff members and the website gets over 35 million monthly page views.
Glacier Media owns numerous newspapers in British Columbia, Alberta and Saskatchewan. In B.C., these include the Victoria Times-Colonist, the Vancouver Courier and the Prince George Citizen.
Purchasing Castanet will enable Glacier media to expand its online news reach in B.C. communities.
In addition to the $22 million price tag for Castanet, Glacier Media will also pay $2 million for Castanet's shares in Avenue Radio, which operates a radio station in Kelowna.
The acquisition of the Avenue Radio shares is subject to Canadian Radio-television and Telecommunications Commission Approval.