[Vancouver, CANADA] – GlobalMedia.com, an Internet broadcasting and e-services provider, purchased certain assets of Magnitude Network, Inc., a subsidiary of iCAST Corp., a majority-owned operating company of CMGI, Inc.
MagnitudeNetwork provides online media and streaming solutions for broadcasters. With this acquisition, and the recent purchase of 212 contractual agreements from OnRadio.com, GlobalMedia is consolidating radio streaming on the Web.
GlobalMedia acquired the assets of Magnitude through stock and additional warrants. It will now provide streaming media, Web site development, and e-commerce services for Magnitude’s more than 100 radio stations across the U.S. and Canada. These stations reach approximately 11.8 million off-line listeners.
Jupiter Communications recently reported that the global market for streaming media is expected to grow from $78 million this year to $2.5 billion by 2004.
Margaret Heffernan, president and CEO of iCAST, said that the deal will allow iCAST to more aggressively focus its energy on delivering an Internet-only radio offering.
GlobalMedia.com creates end-to-end solutions for streaming and e-commerce on the Internet. It offers businesses with private label media players that generate revenue through advertising and online retail.
iCAST is an online entertainment company that promotes self-publishing within a community-oriented environment. It offers original, user-generated and syndicated audio and video content, entertainment news, features and interviews, as well as live and archived events.