AV Times, Pennyworth sold to Glacier Media
A number of Lower Mainland and Vancouver Island newspapers, including the Alberni Valley Times and The Pennyworth, have been sold to Glacier Media. The $86.5 million deal also includes the daily Victoria Times Colonist.
The community newspaper assets that Glacier is buying from Postmedia include the Lower Mainland Publishing Group and the Vancouver Island Newspaper Group.
Lower Mainland publications named in the sale include the North Shore News, Vancouver Courier, the Now papers in Burnaby, Surrey and Coquitlam, Richmond News, Delta Optimist and others. Vancouver Island publications also include the Nanaimo Daily News, Westerly News, Harbour City Star, Oceanside Star and papers in Duncan and Campbell River.
The acquisition will be financed through bank borrowing, Glacier noted in a press release.
The AV Times and Pennyworth were part of the Canwest business that was taken over by Postmedia Network in July 2010.
The sale is part of a broader strategy on Postmedia's part to pay down debt. In July 2011 Postmedia reported a second-quarter loss of $3.9 million.
Glacier publishes community newspapers in 65 markets in western Canada.
The transaction is expected to close on or about Nov. 30 and is conditional on regulatory approvals.