After a sharp but brief rise in its stock price in October Glacier Media’s stock seems to have been dropping as quickly as it jumped on the news they had reached a deal to sell the Abbotsford and Chilliwack Times and swap other newspapers with Black Press, owners of the Abbotsford News and Chilliwack Progress.
In August of 2013 Glacier Media Group, owners of the Abbotsford Times and Chilliwack Times, reported its 2nd quarter results showing decreases in revenue, earnings, and cash flow despite growth in its business information operations and relative stability in its small market newspaper operations.
A report released by the company indicated that reduction in national advertising and weakness in the Canadian economy had impacted the company’s assets in urban community media markets.
On October 4 it was announced that Glacier Media was moving production jobs overseas and laying off 15 unionized workers effective December 13.
Then on October 19, Black Press Tweeted that a deal had been struck whereby they would buy and sell newspapers in a variety of Lower Mainland markets in a swap of sorts with Glacier including the Abbotsford Times and the Chilliwack Times to Black.
Neither of the local papers have reported on the news about themselves nor has there been any indication from either company whether or not the two Glacier papers in Abbotsford and Chilliwack will be closed.
Glacier’s stock has been on a steady decline for most of 2013.