Castanet goes big time

Glacier Media of Vancouver has agreed to purchase Castanet and SOFT 103.9 FM, Castanet founder Nick Frost announced Friday.

This long-standing Vancouver-based media company is in both print and online, with its community media properties reaching five million readers in 65 communities across Western Canada.

In 2011, Glacier bought its largest media newspaper, the Victoria Times Colonist, in an $86-million deal. Other notable Glacier media properties include the Prince George Citizen, Kamloops Matters, Vancouver Courier, North Shore News, Delta Optimist, Burnaby Now, Richmond News, TriCity News, Glacier Media Digital, REW.ca, and Vancouver Is Awesome.

"Since Castanet began 18 years ago, we've seen a lot of growth and expansion," said Frost, "with offices in Vernon, Penticton, FM radio and with our new building in Kelowna. So, now, it is time to keep Castanet growing."

Glacier says "Castanet's growth and market position, as well as the growth of Glacier Digital Media's operations, shows that a long-term digital business model exists in community media with attractive growth in audience, revenue and profitability."

Frost said: "This will be good for our current staff, our Okanagan audience, and will take us to a higher place in B.C. online."

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