Standard offers lifeline to troubled Iceberg Media
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.
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