GVC Glacier Media Inc

Glacier Media Inc. (TSX:GVC) ("Glacier" or the "Company") announced today that a
program of strategic initiatives has been undertaken to enhance its operations
and financial position. These initiatives have been designed to address current
economic and market challenges, as well as position the Company for long-term
growth in accordance with its business strategies. 


Value Enhancement Initiatives



--  Evolve, Enrich and Extend strategy. The Company has embarked on a
    comprehensive initiative to grow its business information operations
    through an Evolve, Enrich and Extend strategy. This strategy focuses on
    the provision of richer content, data and information, related analytics
    and business and market intelligence, and the achievement of greater
    customer utility and decision dependence. Management is currently
    reviewing the spectrum of verticals in which it operates with a view to
    focusing resources and efforts on those verticals and opportunities
    deemed to have the greatest growth potential that can be realized
    through this Evolve, Enrich and Extend strategy. Business information
    operations now represent more than half of Glacier's EBITDA. 45% of the
    business information EBITDA is derived from rich information digital
    data products designed for scalable growth and high levels of
    profitability.
      
--  Sale of real estate assets. The Company has initiated plans to sell a
    significant portfolio of real estate properties in the near term. $4
    million was realized from the sale of property in April. $6.5 million
    was realized from real estate sales in September. Other property
    dispositions are currently being negotiated. Given current
    capitalization and interest rates, monetizing real estate value to
    reduce leverage has been deemed prudent. The real estate sales have been
    targeted to a) cover any required deposit relating to the previously
    reported notice of possible re-assessment from Canada Revenue Agency
    (CRA) for the 2008-2011 income tax years, should a deposit become
    payable and b) result in a net reduction of leverage from current
    levels. The timing of any potential CRA re-assessment is not
    determinable at this time.
      
--  The Company (excluding its joint ventures) reduced debt by $8.7 million
    during the quarter. The Company's adjusted debt to EBITDA ratio was
    reduced to 2.7x at quarter end as a result.
      
--  Sale of non-core assets. Subsequent to quarter end, the Company sold two
    money losing community newspapers and acquired several more profitable
    community media assets that provide a better strategic fit with the
    Company's operations.
      
--  Cost reduction initiatives. Given the softness currently being
    experienced in the Company's community media operations, a variety of
    significant cost reduction measures have and are being implemented to
    reduce overall operating costs. The initiatives are targeted to reduce
    costs by more than $7 million on an annualized basis. Some of these
    savings were realized in the third quarter.  



The profitability enhancement and asset sale initiatives outlined are intended
to enhance Glacier's operations and cash flow, reduce leverage and place the
Company in a strong position with which to take advantage of growth
opportunities through both operational development and acquisition.


Shares in Glacier are 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 expectations regarding
revenues, expenses, cash flows and future profitability and the effect of
Glacier's strategic initiatives, including its expectations to grow its business
information operations, to implement cost reduction measures, to sell real
estate properties and utilize proceeds of such sales to cover required CRA
re-assessment deposits and reduce leverage, to sell other non-core assets, to
grow cash flow per share, to pay dividends, to repurchase shares and to reduce
leverage and debt levels. These forward looking statements are based on certain
assumptions, including continued economic growth and recovery and the
realization of cost savings in a timely manner and in the expected amounts, 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 include failure to implement or achieve the intended results
from Glacier's strategic initiatives, the failure to implement or realize cost
savings in a timely manner or in the expected amounts, the failure to negotiate
or complete the sale of real estate and other non-core assets and the other risk
factors 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 other risk 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 the Department of Canadian Heritage's 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, tax risk 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Glacier Media Inc.
Mr. Orest Smysnuik
Chief Financial Officer
604-708-3264

Glacier Media (TSX:GVC)
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