The company that runs Canada’s largest newspaper – the 128-year-old Toronto Star – has been bought for only $52 million..Once valued in the billions, Torstar Corp. says it has agreed to be sold to NordStar Capital LP, a firm run by Toronto businessmen Paul Rivett and Jordan Bitove..Torstar’s shares closed at 40 cents at the end of trading Tuesday, but the company says the 63 cents per share it agreed to represents a nearly 67 per cent premium..“We believe in news. With this transaction we can ensure a future for world-class journalists and world-class journalism befitting the paper’s storied history,” Bitove told the Star..Former Ontario Liberal premier David Peterson will be vice chair of the company, which they intend to take private..“The harsh realities of the news media business are ill-suited to the quarter-bound short-term focus of shareholders. A private structure is needed and we have the patience and willingness to invest in Torstar’s long-term transformation,” Rivett and Bitove said in a statement..John Honderich, chair of Torstar’s board of directors, said in a press release: “While we have loved the company and are immensely proud of it, the time has come to pass the torch..“We hope the sale will benefit Torstar in the years ahead and believe that this is the beginning of an exciting new chapter for the company. We are delighted to know that the new owners have pledged to build on Torstar’s legacy of quality journalism.”.Torstar had a net loss of $23.5 million (29 cents per share) in the first quarter, up from a net loss of $7.4 million (9 cents per share) in the same period last year..Torstar owns six other daily newspaper in Ontario including the Hamilton Spectator and Waterloo Region Record, some 70 community newspapers and numerous news sites and digital properties..In recent newspaper sales:.• In 1998, Quebecor buys Sun Media Corp for $983 million cash, outbidding Torstar’s offer of $900 million in cash and stocks..• In 2014, Quebecor sells Sun Media to Postmedia for $313 million..• In 2020, NordStar Capital buys Torstar/Toronto Star for $52 million..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
The company that runs Canada’s largest newspaper – the 128-year-old Toronto Star – has been bought for only $52 million..Once valued in the billions, Torstar Corp. says it has agreed to be sold to NordStar Capital LP, a firm run by Toronto businessmen Paul Rivett and Jordan Bitove..Torstar’s shares closed at 40 cents at the end of trading Tuesday, but the company says the 63 cents per share it agreed to represents a nearly 67 per cent premium..“We believe in news. With this transaction we can ensure a future for world-class journalists and world-class journalism befitting the paper’s storied history,” Bitove told the Star..Former Ontario Liberal premier David Peterson will be vice chair of the company, which they intend to take private..“The harsh realities of the news media business are ill-suited to the quarter-bound short-term focus of shareholders. A private structure is needed and we have the patience and willingness to invest in Torstar’s long-term transformation,” Rivett and Bitove said in a statement..John Honderich, chair of Torstar’s board of directors, said in a press release: “While we have loved the company and are immensely proud of it, the time has come to pass the torch..“We hope the sale will benefit Torstar in the years ahead and believe that this is the beginning of an exciting new chapter for the company. We are delighted to know that the new owners have pledged to build on Torstar’s legacy of quality journalism.”.Torstar had a net loss of $23.5 million (29 cents per share) in the first quarter, up from a net loss of $7.4 million (9 cents per share) in the same period last year..Torstar owns six other daily newspaper in Ontario including the Hamilton Spectator and Waterloo Region Record, some 70 community newspapers and numerous news sites and digital properties..In recent newspaper sales:.• In 1998, Quebecor buys Sun Media Corp for $983 million cash, outbidding Torstar’s offer of $900 million in cash and stocks..• In 2014, Quebecor sells Sun Media to Postmedia for $313 million..• In 2020, NordStar Capital buys Torstar/Toronto Star for $52 million..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.Twitter.com/nobby7694
