Castanet Media has been sold to Glacier Media for $22 million.
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April 05, 2019 - 11:00 AM
KELOWNA - Newspaper chain Glacier Media Inc. has purchased Okanagan-based media company Castanet for $22 million.
Castanet is an online media outlet that has operated for 18 years, first in Kelowna then in Penticton and Vernon and has more than 50 employees, according to a Glacier Media news release.
Glacier is also spending $2 million to buy Avenue Radio, a sister company to Castanet, although that purchase awaits Canadian Radio-television and Telecommunications Commission approval. Both companies were owned by Nick Frost.
Glacier is one of the largest print newspaper companies in Canada and owns the Victoria Times-Colonist, the release states.
Glacier also owns about 28 per cent of Continental Newspapers, which owns the Kelowna Daily Courier and Penticton Herald.
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