Glacier Media Inc. (TSX:GVC) is adding 21 publications to its stable of daily and community newspapers.
The acquisition, announced yesterday, includes the Victoria Times Colonist, Vancouver Courier and North Shore News.
Glacier, which also owns Business in Vancouver, has entered an agreement with Postmedia Network Inc. (formerly Canwest) to buy all newspapers in the Lower Mainland Publishing group (LMP) and Vancouver Island Newspaper Group (VING) for $86.5 million. The sale includes real estate assets.
Postmedia’s Vancouver Sun and the Province newspapers are not included in the deal.
Mainland community newspapers in the deal include the Burnaby Now, New Westminster Record/Royal City Record, Richmond News, Delta Optimist, Surrey Now, Coquitlam Now, Maple Ridge Times, Langley Advance, Abbotsford Mission Times and Chilliwack Times.
Vancouver Island papers include the Nanaimo Daily News, Alberni Valley Times, Harbour City Star, Cowichan Valley Citizen, Oceanside Star, Pennyworth, Westerly News and Campbell River Courier Islander/Campbell River Courier North Islander.
Glacier said the acquisition will be financed with bank loans.
Once the deal is complete, Glacier will have the broadest local newspaper coverage in Western Canada.
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