GVIC Communications Corp. (TSX:GCT) agreed to acquire Avenue Radio and assets of Castanet Media Limited for CAD 24 million on April 4, 2019. The consideration paid is CAD 22 million for the Castanet assets and CAD 2 million for the Avenue Radio shares. CAD 18.7 million was paid at closing and the remainder is payable over two years. The acquisition was funded through bank borrowings and a CAD 10 million unsecured loan that was arranged from Glacier Media Inc., an affiliate of GVIC Communications. The acquisition of Avenue Radio is subject to Canadian Radio-television and Telecommunications Commission approval. As of April 4, 2019, assets of Castanet Media Limited were acquired.