The Toronto-based firm acquired The Straight’s owner, Vancouver Free Press Corp, which operates the 53-year old alternative media publication, in a cash-and-share deal worth C$1.25 million.
“We are thrilled to add Georgia Straight to the Media Central family of brands and are excited to guide this staple of the Vancouver experience towards another 50 years of success,” CEO Brian Kalish said in a statement.
With the addition of the Straight's dedicated 4.5 million monthly readers, Media Central now reaches the largest targeted audience of prized alternative urban media consumers across Canada, according to Kalish.
"This strategic acquisition is an important next step in our growth plans as we move towards integrating and monetizing this culturally creative and socially innovative group,” the CEO said.
The addition of the Straight is “immediately accretive” to the firm and Media Central's strategic plan to unify the 100 million consumers of alternative urban media across North America, it said. The Straight is now the third brand under the Media Central banner of print and digital media properties, joining Toronto's NOW Magazine and cannabis digital platform CannCentral.com.
“Media Central has pledged to carry on the highest ideals of the Straight, along with its Vancouver-centric focus, and including the same team that has produced the paper up until now,” said Dan McLeod, the Straight’s founder.
“I look forward to seeing this ambitious group build a new kind of media network while continuing to serve our present readership in new and innovative ways."
Media Central paid Vancouver Free Press Corp C$750,000 in cash and issued 3.5 million shares priced at $0.10 per share. The company also issued 1.5 million shares priced at $0.10 to Lightheart Management Partners Inc of Vancouver, its advisor in the transaction.
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