GVC Glacier Media Inc

The board of directors of Glacier Media Inc. ("Glacier" or the "Company")
(TSX:GVC) announced today that it has declared the payment of a cash dividend of
$0.03 per common share payable to shareholders of record on July 15, 2011. The
dividend will be paid on or about August 1, 2011. This declaration reflects the
initial dividend of a new policy whereby the board of directors expects to
declare an annual dividend of $0.06 per common share, payable semi-annually. 


On an annualized basis, the dividend represents a yield of approximately 2.5%
based upon the current market trading price of Glacier common shares. 


The dividend is consistent with Glacier's ongoing objective of maximizing
shareholder value and related return on investment for shareholders. Glacier has
reached a stage where it is generating sufficient cash flow from operations and
has available financial capacity to pursue and internally finance acquisition
opportunities, invest in operations as required, repurchase its shares as deemed
attractive, and introduce payment of a dividend. 


Glacier's operations demonstrated strong resilience both before and during the
recession and have since resumed growth in both revenue and profitability, as
indicated by the Company's 2010 year-end results which were released separately
today. Sustaining capital expenditure requirements remain low. The Company is
reviewing a number of attractive acquisition opportunities and more such
opportunities are expected to arise given the apparent phase of the business
cycle that the Company's operations are in. 


The amount of the dividend is such that the Company can continue to pursue
growth and value creation opportunities while returning some capital to
shareholders on an ongoing basis. As growth is achieved, the amount of the
dividend will be reviewed going forward. 


The dividend is an eligible dividend for Canadian tax purposes.

Shares in Glacier can be traded on the Toronto Stock Exchange under the symbol GVC. 

About the Company: Glacier Media Inc. is an information communications company
focused on the provision of primary and essential information and related
services through print, electronic and online media. Glacier is pursuing this
strategy through its core businesses: the local newspaper, trade information and
business and professional information markets. 


Forward Looking Statements

This news release contains forward-looking statements that relate to, among
other things, the Company's objectives, goals, strategies, intentions, plans,
beliefs, expectations and estimates. These forward-looking statements include,
among other things, statements relating to the Company's intention to pay
dividends, pursue acquisitions and repurchase shares. These forward looking
statements are based on certain assumptions, including continued economic
recovery and the realization of cost savings, available financial resources and
the declaration of future dividends by the Board of Directors and are subject to
risks, uncertainties and other factors which may cause results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements, and undue reliance should not be placed on such statements. 


Important factors that could cause actual results to differ materially from
these expectations are listed in the Company's Annual Information Form under the
heading "Risk Factors" and in the Company's MD&A under the heading "Business
Environment and Risks", many of which are out of the Company's control. These
factors include, but are not limited to, the ability of the Company to sell
advertising and subscriptions related to its publications, foreign exchange rate
fluctuations, the seasonal and cyclical nature of the agricultural industry,
discontinuation of Department of Canadian Heritage, Canada Periodical Fund,
general market conditions in both Canada and the United States, changes in the
prices of purchased supplies including newsprint, the effects of competition in
the Company's markets, dependence on key personnel, integration of newly
acquired businesses, technological changes, and financing and debt service risk.


The forward-looking statements made in this news release relate only to events
or information as of the date on which the statements are made. Except as
required by law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or
to reflect the occurrence of unanticipated events.

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