Toronto-headquartered ZoomerMedia (TSXV: ZUM) announced today that it has acquired Vancouver’s Buzz Connected Media, the publisher of Daily Hive.
Formerly known as Vancity Buzz, Daily Hive is the dominant player in Vancouver, Edmonton and Calgary, and also publishes local content in Toronto and Montreal.
Combined with their acquisition of blogTO earlier this year, ZoomerMedia now represents the largest Millennial and Gen Z focused media platform in Canada.
According to the acquisition announcement, ZoomerMedia paid an aggregate price of $16.4 million comprised of $6 million in cash, a $5 million promissory note, issuance of $3 million in ZoomerMedia preferred shares and assumption of Buzz’s $2.4 million outstanding debt obligation.
Founded in 2008 by Karm Sumal and Manny Bahia, Daily Hive is a leading local digital publisher in Canada with 24 million page views per month and 3.2 million followers across Instagram, TikTok, Facebook, and Twitter.
“In aggregate this acquisition will take us to 660 million+ page views a year, propelling us to the top spot for social media engagement in Canada,” says ZoomerMedia Founder and CEO Moses Znaimer. “Stay tuned for announcements regarding new digital products.”
“As I said when we acquired blogTO, I’m a strong believer in the local. Zoomer Radio and Classical FM already bring local news and life to the older demos. blogTO, and now Daily Hive, do that for the younger cohorts. Combined, they make an unparalleled offering, for the public as well as the advertiser.”
“When Moses shared his digital vision for Canada, I knew that joining Zoomer was the next step in Daily Hive’s journey,” says Karm Sumal, Co-founder and CEO of Daily Hive. “The chance to work with a Canadian legend and pioneer of local media is an opportunity we were not going to pass up. In our combined sights now are the biggest players in the country.”