Canadian Publishing Industry News
26 January 2015, TORONTO
Annex, Newcom acquires 67 titles, digital properties from Glacier
In a deal that is sure to change the landscape of the Canadian B2B industry, Annex Business Media and Newcom Business Media have acquired 67 trade media publications and related digital assets from Vancouver-based Glacier Media Inc’s, Business Information Group (BIG), for $19.65 million.
Annex Business Media has over 70 B2B brands in its roster and has offices in Simcoe, Aurora and Toronto. Newcom Business Media Inc. is a privately-owned B2B media company with offices in Toronto and Montreal.
Included in the sale are its trade publications, digital properties, conferences and tradeshows in the following industries: automotive, construction and design, manufacturing, trucking/transportation and logistics, occupational health and safety, communications, dental, insurance, forestry, meetings and travel, and Scott’s Directories.
Glacier will keep its ERIS environmental risk information business, Northern Miner mining information group and Food in Canada business.
Ownership of the new acquisitions will be evenly distributed between the two companies. “It’s called the Annex-Newcom limited partnership.” Annex CEO Mike Fredericks said. “We’re 50/50 partners with Alex Papanou (BIG vp) operating it as our president. We will continue to operate our private company’s—effectively it’s a third company that sits between us.”
With the acquisition comes the inevitability of similar titles being in direct competition with each other. “We’re going to take our time to study the marketplace and see what’s best,” Fredericks said. “So in the next number of months it will be business as usual and they will continue to compete with each other.”
Almost 230 employees are included in the acquisition, including editorial, sales, circulation, production, digital and administration. The staff will remain in their current Toronto location.
Glacier now plans to pursue other growth efforts, which includes a focus on global agriculture, energy and mining information sectors, real estate information space, environmental risk information space and mutual fund information space.
Annex Business Media has over 70 B2B brands in its roster and has offices in Simcoe, Aurora and Toronto. Newcom Business Media Inc. is a privately-owned B2B media company with offices in Toronto and Montreal.
Included in the sale are its trade publications, digital properties, conferences and tradeshows in the following industries: automotive, construction and design, manufacturing, trucking/transportation and logistics, occupational health and safety, communications, dental, insurance, forestry, meetings and travel, and Scott’s Directories.
Glacier will keep its ERIS environmental risk information business, Northern Miner mining information group and Food in Canada business.
Ownership of the new acquisitions will be evenly distributed between the two companies. “It’s called the Annex-Newcom limited partnership.” Annex CEO Mike Fredericks said. “We’re 50/50 partners with Alex Papanou (BIG vp) operating it as our president. We will continue to operate our private company’s—effectively it’s a third company that sits between us.”
With the acquisition comes the inevitability of similar titles being in direct competition with each other. “We’re going to take our time to study the marketplace and see what’s best,” Fredericks said. “So in the next number of months it will be business as usual and they will continue to compete with each other.”
Almost 230 employees are included in the acquisition, including editorial, sales, circulation, production, digital and administration. The staff will remain in their current Toronto location.
Glacier now plans to pursue other growth efforts, which includes a focus on global agriculture, energy and mining information sectors, real estate information space, environmental risk information space and mutual fund information space.
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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another.... |
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GLACIER RECEIVES CRA NOTICE OF REASSESSMENT
Vancouver, B.C., November 5, 2014 – Glacier Media Inc. (“Glacier” or the “Company”), through an affiliate, GVIC Communications Corp. (“GVIC”) received from the Canada Revenue Agency (“CRA”), tax notices of reassessment relating to the taxation years ended December 31, 2008 through 2013 inclusive. The potential for these reassessments has been anticipated for over a year and has been previously disclosed. The reassessments deny the application of non-capital losses, capital losses and scientific research & experimental development (“SR&ED”) tax credits claimed for those years.
According to the notices of reassessment received, taxable income for the period 2008 to 2013 will increase in the amount of $122.8 million. In addition, the CRA proposes to deny unused SR&ED tax credits of $25.4 million and unused investment tax credits of $5.9 million. As a result of the increases in taxable income, additional taxes payable for the reassessed years, including interest and penalties would be approximately $45 million. GVIC is currently reviewing the reassessments to determine their accuracy.
GVIC will file a notice of objection to the CRA and if necessary a notice of appeal to the Tax Court of Canada. To object to the reassessments, GVIC will be required to make a deposit of 50% of the reassessed amounts.
The Company, GVIC and its counsel