Global Traffic Network, Inc. Purchases Toronto-Based Wise Broadcasting Network Inc. for C$400,000
Global Traffic Network, Inc., (Nasdaq: GNET), has acquired Toronto-based Wise Broadcasting Network Inc. for approximately C$400,000.
Commenting on the acquisition, Ivan Shulman, Executive Vice President & Director of International Sales, said, “The addition of Wise Broadcasting is a perfect complement to our existing network. Wise provides traffic information to over 40 stations in Canada, as well as weather, sports, and business news updates, allowing us to expand our product offerings throughout Canada.”
Mr. Shulman added, “Wise CEO Bart Murphy has done a fabulous job in building this business over the last five years, and we are extremely pleased that he has agreed to stay on, and become part of the CTN family.”
Bart Murphy, Wise Broadcasting CEO, stated, “We had reached a point where continued growth meant looking for more resources. Teaming up with CTN allows us the resources to grow not only the radio affiliate base of our information services (traffic, weather, sports, and business news), but also the technology and resources to expand on the out-of-home and digital front. I look forward to working with the CTN team and growing our business together.”
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