Media Central Acquires Toronto Newsweekly Now Magazine.
M2 EQUITYBITES-December 5, 2019-Media Central Acquires Toronto Newsweekly Now Magazine
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5 December 2019 - Canadian media company Media Central Corp. Inc. (CSE: FLYY) (FSE:3AT) has acquired Toronto-based weekly news publication Now Magazine from Now Communications Inc. for up to CDN 2m (USD 1.51m), the company said.
The transaction is an all-cash, arm's length transaction. The purchase price includes CDN 1m (USD 760,000), payable on closing and the balance subject to achievement by Now of certain agreed metrics over a 12-month period following the date of acquisition. No debt will be assumed.
Through this acquisition Now Magazine will become the second property of Media Central Corp. Inc., providing it with access to approximately 25m annual readers and marking a significant milestone in the company's growth and achievements.
The acquisition of Now is the first of the company's planned purchases geared to building and acquiring a powerful group of high-quality alternative publications that serve, delight and inspire the voices challenging the status quo over the next five years.
This acquisition immediately provides cashflow to MediaCentral and positions the company as one of the leading publishers of alternative weekly news in North America.
Media Central Corp. Inc. (CSE: FLYY) (FSE:3AT) is an independent and alternative media company that unifies those who choose to reinvent the status quo.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 5, 2019|
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