The Cayman Compass newspaper reports that its parent company, Compass Media, has been sold by its present owner, James Bergstrom, to Dart Media and Entertainment. Mr Bergstrom had owned the company since 2019 and had overseen some big moves by Compass Media, including the purchasing of four radio stations - Z99 FM, Rooster Cayman Country FM, Gold FM and Island FM – and the sale of its commercial print business.
The company – which once produced a whole host of publications other than the Compass, including the Key to Cayman tourist magazine, The Cayman Islands Journal business newspaper and What’s Hot! magazine - has had to deal with strong competition from digital platforms in recent years which meant the closure of many of its publications and the downsizing of the Compass newspaper from a daily paper to just a Friday edition.
On selling to Dart, Mr Bergstrom said: “Over the past five years I have sought to continue the Cayman Compass’ long-standing role as an upholder of our well-run democracy and an important pillar of the community, while ensuring financial stability in an evolving media landscape. While I am grateful to have been a steward for the Compass and its long legacy of independent journalism, it’s an opportune time to hand the baton to an investor that shares that long tern vision for the broader Compass Media.”
Dart Chief Executive Officer, Mark VanDevelde, said Dart were determined to ensure the integrity of the institution was protected and confirmed the Compass would continue to play an important role for decades to come.