TORONTO — Media Central Corp. Inc. says it has agreed to buy Toronto weekly Now Magazine for as much as $2 million in the first step of a plan to consolidate the alternative publication landscape. The startup media company said Monday that the magazine will provide it with millions of annual readers through its 500,000 weekly readers and a website that sees more than 729,000 unique visits a month. The publication is the second for Toronto-based Media Central, which was founded earlier this year and launched the cannabis-focused online site CannCentral in September. The cash deal for Now Magazine includes a $1-million payment contingent on Now achieving some metrics within a year of the deal closing. In Now’s most recent fiscal year, it reported a loss of $834,352 before deductions on revenue of $4.15 million.

Source: National Post December 02, 2019 16:07 UTC