Postmedia sells Times Colonist, B.C. community newspapers to Glacier Media for $86.5 million
The Times Colonist is changing hands.
Vancouver-based Glacier Media Inc. is buying the Victoria newspaper as well as two other dailies and 20 weekly and biweekly community papers from Postmedia Network Inc. for $86.5 million in cash.
The community papers being sold belong to the Lower Mainland Publishing Group and the Vancouver Island Newspaper Group, and include the Vancouver Courier, North Shore News, and Burnaby Now.
Postmedia says it will use the net proceeds from the sale for debt repayment.
The deal is expected to close on November 30, subject to regulatory approvals.
Glacier shares ended the day unchanged at $1.90 on the Toronto Stock Exchange.
Comments
1 Comments
Salty one
Oct 18, 2011 at 7:03pm
Glacier runs skeleton thin newsrooms and their new papers are bloated so I have to wonder how many layoffs there are going to be once the deal is done. I don't think Glacier has any broadsheet dailies in its stable either so what's their formula going to be for the Times Colonist and Nanaimo Daily News? And Glacier says their first step is to pay down their debt so does this mean that they're going to flip some of their new papers to an outfit like Black Press or Torstar? How will the new papers - particularly the weak ones - fare without the editorial and financial support of Postmedia? And most importantly - where's Charlie's incisive analysis?