Vancouver-based Glacier Media Inc. is buying the Delta Optimist from Postmedia Network Inc.
On Tuesday, Postmedia announced a definitive agreement to sell daily newspapers the Times Colonist, Nanaimo Daily News and Alberni Valley Times and its B.C. community newspaper properties - including the Optimist - to Glacier Media Inc. for $86.5 million.
"We are pleased to announce a transaction that realizes the value of the community newspaper groups in Western Canada along with the Times Colonist, a newspaper with a proud 153-year history," said Paul Godfrey, Postmedia president and CEO.
The acquisition was the result of an unsolicited offer for the Vancouver Island newspapers and Lower Mainland B.C. community newspaper properties.
Included in the transaction are three daily newspapers and 20 weekly and biweekly community publications, including the North Shore News, Vancouver Courier, Surrey Now and Richmond News. The deal does not include Postmedia's Vancouver daily newspapers: the Vancouver Sun and The Province.
For the Now, it's business as usual, said Optimist publisher Lori Chalmers.
"We will continue, as we always have, to provide our readers with the very best community news coverage and our clients with the excellent customer service they have come to expect from us."
The deal is subject to customary closing conditions and regulatory approvals and is expected to close on or about Nov. 30, 2011.
