ZoomerMedia Limited Announces Close of Sale of Assets of Darwin CX Inc.
TORONTO, Aug. 19, 2020 (GLOBE NEWSWIRE) — Further to its media release dated May 18, 2020, ZoomerMedia Limited (“ZoomerMedia”) (TSXV: ZUM) is pleased to announce that it has closed the agreement (“Purchase Agreement”) for the sale of substantially all of the assets (“Darwin Assets”) of ZoomerMedia’s wholly-owned subsidiary Darwin CX Inc. (“Darwin”), ZoomerMedia’s proprietary subscription and membership management platform, to New York–based Irish Studio LLC (“Irish Studio”). The purchase price was $7,465,000 (CAD), consisting of $700,000 (CAD) received concurrently on signing of the Purchase Agreement, and $5,386,000 (CAD) in cash and a $1,280,000 promissory note of Irish Studio, subject to customary post-closing adjustments, which were received by ZoomerMedia on the closing date.
“ZoomerMedia committed significant resources to creating Darwin in a space that hasn’t seen innovation in decades, so it’s not surprising that it developed into a competitive software platform in a short period of time. Darwin naturally complements Irish Studio’s core business and they are better positioned to invest the additional resources necessary for long-term growth.Current Darwin President and co-founder Laas Turnbull will now serve as Darwin CEO, and fellow co-founder Michael Smith will serve as Chief Technology Officer and Head of Innovation.“We’re thrilled to be continuing the great work Moses started,” said Liam Lynch, Co-Chairman of Studio Media Group. “We looked at every player in the space and Darwin’s customer-centric software technology is head and shoulders above the rest in serving the needs of subscription and membership organizations. This will give our clients modern tools to develop new revenue streams and find innovative ways to grow their businesses.”About ZoomerMedia Limited (TSXV: ZUM)
Founded in 2008 by Moses Znaimer (Citytv, CP24, MuchMusic, Bravo! etc.), ZoomerMedia is Canada’s leading diversified multimedia company devoted to creating content, services and experiences for Canada’s largest demographic – “Zoomers” or the 16.2 million Canadians aged 45plus – on all platforms: television, radio, print, digital, and live events. ZoomerMedia’s television properties include VisionTV, Canada’s only multi-faith specialty television service available in 9 million homes; ONETV: Get Fit, a 24-hour fitness and health channel with yoga and exercise programs viewers can do from home; JoyTV in Vancouver, Victoria, Surrey and the Fraser Valley; and FAITHTV, the Nation’s Faith Station. ZoomerMedia’s radio properties include The New Classical FM (96.3 FM in the Greater Toronto Area/103.1FM in Eastern Ontario/102.9FM in Southern Georgian Bay), English Canada’s only commercial all-classical music radio service; and Zoomer Radio (AM740 and 96.7FM in Downtown Toronto), playing The Original Greatest Hits. ZoomerMedia also publishes ZOOMER Magazine, the largest paid circulation magazine in Canada for the mature market, everythingzoomer.com – Canada’s leading provider of online content targeting the 45plus demographic, and On The Bay Magazine, a regional lifestyle magazine published quarterly for the 20 towns and villages of Southern Georgian Bay, Ontario. ZoomerMedia’s tradeshow division operates The ZoomerShow in Toronto and Vancouver, Canada’s largest annual lifestyle expos and consumer shows for the 45plus, and produces Moses Znaimer’s 3-day ideaCity conference. Both ZoomerMedia and CARP are located in The ZoomerPlex, a 2.6-acre state-of-the-art production and live event complex in Toronto’s Liberty Village. For more information, visit zoomermedia.ca.