Vancouver-based Digital Media Company Daily Hive Acquired by ZoomerMedia for $16.4 MillionWednesday, September 14, 2022
Daily Hive Offices in Vancouver (Photo Credit: Daily Hive)
Vancouver, BC, September 14, 2022--(T-Net)--ZoomerMedia Limited (TSXV: ZUM) announced today that it has completed the acquisition, in trust, of all the shares of Buzz Connected Media Inc., owner and publisher of Daily Hive, a leading digital source for local news, culture, and what's happening in Western Canada.
Daily Hive is a major local media player in Vancouver, Edmonton and Calgary, and also publishes local content in Toronto and Montreal.
Daily Hive's Head Office in Vancouver (Photo Credit: Wikipedia)
Zoomer says that the new combination of blogTO (acquired in January) and Daily Hive will create the largest Millennial and Gen Z focused media platform in Canada, and provides ZoomerMedia a national audience that is unrivaled in terms of demographic, online and social media reach and engagement.
The transaction is closed in trust, pending only the approval of the TSX Venture Exchange.
The aggregate purchase price of $16.4 million is comprised of $6 million in cash, a $5 million promissory note, issuance of $3 million in ZoomerMedia preference shares at the deemed price of $0.15 per share and assumption of Buzz's $2.4 million outstanding debt obligation.
The cash payment for this acquisition will be funded fully via ZoomerMedia's cash on hand, with no external financing.
The purchase price is subject to standard post-closing working capital adjustments which could result in additional consideration to be paid to the vendors.
Another View of Daily Hive's head office in downtown (Photo Credit: Wikipedia)
Founded in 2008, Daily Hive is a leading local digital publisher in Canada with 24 million page views per month and 3.2 million followers across Instagram, TikTok, Facebook, and Twitter.
Moses Znaimer, Founder and CEO, ZoomerMedia
"In aggregate this acquisition will take us to 660 million+ page views a year, propelling us to the top spot for social media engagement in Canada," says ZoomerMedia Founder and CEO Moses Znaimer. "Stay tuned for announcements regarding new digital products."
"As I said when we acquired blogTO, I'm a strong believer in the local. Zoomer Radio and Classical FM already bring local news and life to the older demos. blogTO, and now Daily Hive, do that for the younger cohorts. Combined, they make an unparalleled offering, for the public as well as the advertiser."
Karm Sumal, Co-founder and CEO of Daily Hive (Photo Credit: BCCPA)
"When Moses shared his digital vision for Canada, I knew that joining Zoomer was the next step in Daily Hive's journey," says Karm Sumal, Co-founder and CEO of Daily Hive. "The chance to work with a Canadian legend and pioneer of local media is an opportunity we were not going to pass up. In our combined sights now are the biggest players in the country."
Manny Bahia, Co-founder and CRO of Daily Hive firmly believes that, "Integrating blogTO into our Sales infrastructure arms us with an industry-leading and well-served Canadian digital audience that will deliver incredible value to any prospective advertiser. Our team is eager to sell a larger suite of products and work with a wider spectrum of clients. I personally look forward to working with and learning from Dan Hamilton, CRO of ZoomerMedia."
Key transaction benefits for ZoomerMedia
Buzz Connected Media financial highlights:
Other important transaction highlights:
About ZoomerMedia Limited (TSXV: ZUM)
Founded by television and media icon Moses Znaimer in 2008, ZoomerMedia Limited is a multimedia company devoted to creating content, services and experiences for Canada's most powerful audiences: the 17.2 million people aged 45-plus aka "Zoomers", and the 13.7 million Millennials and Gen Zs, coincidentally also called "Zoomers", who follow in their footsteps.
ZoomerMedia operates 5 TV, 2 Radio, 3 Print, 3 Live Event, and 15 Digital properties including the newly acquired youth-friendly local news and lifestyle digital publication blogTO. ZoomerMedia produces original TV, Radio, and Podcast programming, offers clients creative audio and video production services, and bespoke events on site at its 2.6 acre complex in Toronto's Liberty Village.
About Buzz Media Inc.
Buzz Connected Media Inc., dba Daily Hive, is the leading digital local news source for Vancouver, Calgary, Edmonton, Toronto and Montreal. From its humble origins in 2008, Daily Hive has grown to be an entire generation's go-to trusted source for restaurant, sports, real estate, event and local breaking news.
Across site and social, Daily Hive is one of the most trafficked and followed news brands in Canada, with over 3.1 million followers across Instagram, TikTok, Facebook, Linkedin and Twitter.
In the month of July 2022 alone, the site generated more than 26 million page views, reached over 9.5 million users, and recorded nearly 300 million views on its content - validating its position as the dominant platform in Western Canada.
Daily Hive also has a well-respected in-house branded content studio, Hive Labs. The company is based in Vancouver, with staff located in Vancouver, Calgary, Edmonton, Toronto and Montreal.
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