Times Colonist sold

Victoria newspaper sold along with other Island publications

The Times Colonist and several other Vancouver Island daily and community newspapers have been sold.

The buyer is Vancouver-based Glacier Media Inc. which offered Postmedia Network $86.5 million for the Times Colonist and 20 mostly weekly newspapers on the Lower Mainland and across Vancouver Island – including the Nanaimo Daily News and Port Alberni Times.

The sale also includes real estate and associated Postmedia digital operations. Glacier, traded on the Toronto Stock Exchange under the symbol GVC, says “the transaction is expected to close on or about November 30, 2011, and is conditional upon regulatory and other customary approvals.”

Glacier owns magazines and newspapers across Western Canada and in Ontario.