BREAKING: Castanet sold to national media company

KELOWNA – Newspaper chain Glacier Media Inc. has purchased Okanagan-based media company Castanet for $22 million.

Castanet is an online media outlet that has operated for 18 years, first in Kelowna then in Penticton and Vernon and has more than 50 employees, according to a Glacier Media news release.

Glacier is also spending $2 million to buy Avenue Radio, a sister company to Castanet, although that purchase awaits Canadian Radio-television and Telecommunications Commission approval. Both companies were owned by Nick Frost.

Glacier is one of the largest print newspaper companies in Canada and owns the Victoria Times-Colonist, the release states.

Glacier also owns about 28 per cent of Continental Newspapers, which owns the Kelowna Daily Courier and Penticton Herald.

To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.