A media company The Tyee identified two years ago as well placed to expand has bought the Victoria Times Colonist and several community newspapers from Postmedia Network Inc..

“One of the companies likely to emerge from the downturn owning more papers is Vancouver’s Glacier Media Inc., a company that attributes its opportunity to grow to the failure of other media companies to invest in the quality journalism needed to keep readers’ attention,” The Tyee reported in 2009.

Today Glacier announced an $86.5 million deal that includes the T-C, the North Shore News, the Vancouver Courier, Burnaby Now, the New Westminster Record/Royal City Record, the Richmond News, the Delta Optimist, Surrey Now, Coquitlam Now, the Maple Ridge Times, the Langley Advance, the Abbotsford Mission Times, and the Chilliwack Times.

It also includes the Nanaimo Daily News, the Alberni Valley Times, the Harbour City Star, the Cowichan Valley Citizen, the Oceanside Star, the Pennyworth, the Westerly News, and the Campbell River Courier Islander/Campbell River Courier North Islander.

“The assets acquired strategically broaden Glacier’s market presence in British Columbia,” the announcement said. “Glacier now offers the broadest coverage of local newspaper markets in Western Canada, which increases market reach for local, regional and national advertisers, provides for significant digital media opportunities and strengthens Glacier’s competitive position.”

The deal is expected to close on Nov. 30, 2011.