Rogers Media sells MoneySense to Ratehub

Rogers Media Inc. has sole online personal financial magazine MoneySense to Toronto-based fintech association Ratehub Inc., for an undisclosed sum.

Ratehub’s core product is a rate-comparing apparatus during Ratehub.ca that gives a site’s readers recommendations about several financial products. More than 5 million Canadians revisit a site each year, a association says.

Ratehub was founded in 2010 and grew solemnly until receiving $495,000 in supervision grants to support tiny record companies. Then only this past January, a association lifted $12 million from try collateral organisation Elephant to financial growth.

MoneySense, meanwhile, is an online calm portal that Rogers Media says is visited by 700,000 people each month. But it began as a printed consumer repository that during a rise could explain some-more than 100,000 readers each issue. 

But like many magazines in new years, MoneySense was walloped by a decrease in promotion and dissemination revenue. Rogers Media eventually axed a imitation chronicle of MoneySense as partial of sweeping cutbacks in a tumble of 2016. Since then, it has operated only as a web portal with no permanent staff.

The deal, announced Thursday, is set to tighten on Sunday. Financial terms were not disclosed, though Ratehub says it skeleton to work MoneySense.ca as an eccentric portal, not embody a content inside Ratehub.ca. 

“We wish to say MoneySense’s code as a devoted source of financial recommendation for Canadians, and we trust it has even some-more room to grow,” Ratehub cofounder Alyssa Furtado pronounced in a matter about a transaction.

“It was critical to us to find a good home for MoneySense, where a code would continue to develop and broach high-quality content,” Rogers Media boss Rick Brace said.

The understanding comes opposite a backdrop of reported ongoing efforts by Rogers Media to sell off a series of a other edition properties. As first reported by a Globe and Mail, Rogers Media was finalizing a understanding to sell off Maclean’s, MoneySense, Canadian Business, Today’s Parent, Flare and both a English and French versions of Chatelaine to publisher Graham Roustan, who owns The Hockey News, when a understanding fell detached during a eleventh hour after Rogers Media solicited other offers and Roustan withdrew his.

A orator for Rogers Media had no criticism when asked by CBC News on a standing of a company’s reported seductiveness in offered off other edition properties.

Article source: https://www.cbc.ca/news/business/rogers-moneysense-ratehub-1.4925737?cmp=rss