Vancouver-based Glacier Media Inc. is buying the Burnaby NOW from Postmedia Network Inc.
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 Burnaby NOW - 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, last week.
According to a press release, 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 Burnaby NOW's sister paper, the New Westminster Record, the North Shore News, Vancouver Courier and Delta Optimist. The deal does not include Postmedia's Vancouver daily newspapers: The Vancouver Sun and The Province.
For the Burnaby NOW, it's business as usual, said publisher Brad Alden.
"While our ownership may have changed, our jobs haven't changed - we continue to be committed to giving our readers and advertisers the very best in local news coverage and service in our communities," Alden said.
"We continue to develop local relationships built on quality journalism and excellent customer service, and look forward to expanding those relationships.
"Furthermore, Glacier Media Inc. is a trendsetting media company with a long history of developing and building community newspapers and a strong belief in the importance of community-based content.
"This is definitely a win-win deal, and Burnaby will benefit from it - I have no doubt."
The deal is subject to customary closing conditions and regulatory approvals and is expected to close on or about Nov. 30.
