Media Central Corporation Inc (CSE:FLYY) (FRA:3AT) said it has entered into a letter of intent (LoI) to acquire media and marketing services company Lazarus Bleau Incorporated, which is expected to boost Media Central’s audience to more than 7.2 million readers monthly.
The company also reported that it has appointed Lazarus Bleau executive Larry Bleau as its new CEO and promoted Kirk MacDonald to the role of President.
Media Central CEO Bleau said in a statement: "There is a tremendous amount of value and potential in both NOW and the Straight. Both are longstanding, well-respected publications, backed by smart and talented editorial teams. We are laser-focused on developing the right strategies to drive revenue growth, the right culture to produce top-quality journalism, and the right environment to revitalize a sales team that can collectively sell across all six of our publications. You can expect rapid growth for MediaCentral as we move into the New Year."
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Media Central Chairman Manos Pavlakis also weighed in on the pending deal, saying: "This acquisition increases our audience and unites our now six publications with a powerful integrated sales team. With new leadership in place, we are ready to focus on increasing shareholder value by effectively transforming MediaCentral into a profitable and successful business."
The pending acquisition of Lazarus Bleau will add two new publications to Media Central's portfolio, - Horizon Travel & Lifestyle Magazine and lifestyle commuter magazine On the GO. Media Central will also be acquiring a dedicated sales team, with expertise in selling integrated packages across multiple platforms.
Horizon Travel & Lifestyle Magazine, distributed through The Toronto Star, The Globe and Mail and The Wall Street Journal, has a monthly readership of 305,000, while On The Go had a monthly readership of 400,000 before COVID-19.
The company will acquire Lazarus Bleau for a total consideration of $2 million, via the issue of 200 million Media Central common shares at a deemed price of $0.01 per share.
Media Central is growing an alternative media publishing empire in Canada across print and digital platforms, with publications that include Toronto’s iconic NOW Magazine and Vancouver’s The Georgia Straight.
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