STANDARD RADIO BUYS OUT ICEBERG MEDIA
By Adnews Staff
Standard Radio Inc. of Toronto has acquired approximately 88% of the shares of Internet broadcaster Iceberg Media.com Ltd., also of Toronto. Iceberg Media streams a variety of audio and video entertainment channels from its Web site at <http://www.theiceberg.com>. Standard Radio acquired 22,732,000 common shares of the company, about 70% of the total, at $0.05 per share in accordance with an offer that expired on July 3. Standard Radio already had a 16.5% stake in Iceberg Media. Standard Radio has now extended its offer to July 19 in order to acquire additional shares. Other major shareholders of Iceberg Media included Newfoundland Capital Corp. and CHUM Ltd., each of which held 16.5%. It is unclear what stake, if any, these shareholders now own. Iceberg Media board members Janet Callaghan, Jim Carroll, Robert Inkpen, Robert Steele and Robert Templeton have resigned from the company. The board of directors now consists of Ted Boyd, David Coriat, Jean-Marie Heimrath and Gary Slaight.