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Your News has new owner

Vancouver-based Glacier Media Inc. is buying the Richmond News 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.

Vancouver-based Glacier Media Inc. is buying the Richmond News 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 News - 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 Delta Optimist. The deal does not include Postmedia's Vancouver daily newspapers: the Vancouver Sun and The Province.

For the News, it's business as usual, said 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 closing conditions and is expected to close Nov. 30, 2011.