Standard offers lifeline to troubled Iceberg Media

5/22/2002

Toronto, - Standard Radio is offering $1.3 million for 80 per cent and full control of troubled Internet broadcaster Iceberg Media-dot-com.

Iceberg welcomed the bid late yesterday and says if the deal collapses, it could go out of business altogether.

For 2001, Iceberg reported a loss of $7.6 million. That compares with a loss of $4.4 million the previous year.

Iceberg says it's been hurt by diminished investor interest in companies focused on the Internet.

Standard Radio operates 51 radio stations in Canada and is a subsidiary of Standard Broadcasting. It already owns 5.9 million of the Web company's 32.6 million shares.

Iceberg streams a variety of audio and video entertainment from its Web site, and it also creates customized corporate audio channels.

Back to headlines


Print

Problems or Comments? Contact the Webmaster
Copyright 2002 Business Information Group