Rogers Media buys Internet ad net BV! Media
All-cash friendly takeover pending shareholder approvalTORONTO -- Canadian broadcaster Rogers Media has acquired Montreal-based Internet advertising network BV! Media for $25 million.
Toronto-based Rogers Media will pay $0.40 per share for stock in BV! Media, and said it has already locked up around 76% of company shares from major investors that include BV! Media co-CEOs Patrick Pierra and Gino Coutu.
The all-cash friendly takeover will enable Rogers Media, a division of cable and mobile phone giant Rogers Communications, to add BV! Media's Internet content and ad network to Rogers' digital media offerings, according to Claude Galipeau, senior vp and general manager of digital media at Rogers Media.
"Upon closing, Rogers Digital Media will have an impressive set of content offerings and digital sales solutions, including premium brands, exclusive sales inventory on partner sites, channels targeting key demographics, and performance media," Galipeau said.
Pending shareholder approval, the BV! Media transaction is expected to close in late September.
Besides its broadband platforms, Rogers Media operates a string of radio stations, five CityTV over-the-air TV stations, and the Rogers Sportsnet cable sports channel, among its varied media holdings.
Other recent Internet forays by Rogers Media include taking a minority stake in Michael Eisner's web video studio Vuguru in return for controlling Canadian rights to its digital content.