ICEBERG MEDIA TRADES STOCK FOR CHUM INTERNET RADIO OPERATION, ADVERTISING
By Adnews Staff
Toronto-based Iceberg Media.com Inc. has acquired the assets of Bonzaroo.com and $1.5 million worth of radio advertising inventory from CHUM Ltd., also of Toronto. In return, CHUM has received a 16.5% ownership stake in Iceberg. Iceberg is an Internet broadcaster that streams a variety of audio and video entertainment channels from its web site at <http://www.theiceberg.com>. The company also creates Internet broadcasts for corporate clients. Bonzaroo.com, which has been under development by CHUM for two years, offers programming in many musical genres through 300 Internet channels. According to the company, the site uses proprietary technology to enhance the scheduling of Internet broadcasts. The two sites will be merged over the next few weeks into a single Internet radio site. Iceberg will use the advertising time it picked up in the deal to promote this site on CHUM's 28 broadcast radio stations. The transaction is still subject to regulatory approval. Two other companies have major stakes in Iceberg: Standard Broadcasting Corp. Ltd. and Newfoundland Capital Corp. Ltd. each own 16.5% of the firm as well.