May 19, 2024
Torstar sold to private firm for $52M
The media company, which owns six other daily newspapers in Ontario including the Hamilton Spectator and roughly 70 community newspapers and news sites has attempted, on numerous occasions, to reverse its fortunes.
The media company, which owns six other daily newspapers in Ontario including the Hamilton Spectator and roughly 70 community newspapers and news sites has attempted, on numerous occasions, to reverse its fortunes.

Torstar Corp., the parent company of the Toronto Star and a host of other media properties across Canada, is being sold to NordStar Capital LP, a private firm owned by businessmen Paul Rivett and Jordan Bitove, in a $52-million deal, Torstar announced Tuesday evening.

Upon completion of the transaction, the company is expected be taken private.

“Since its inception as the Evening Star, the Star has been the voice of this city. As Canada’s largest daily newspaper, it has fulfilled a vital civic role as an outlet for expert opinion and what’s trusted as true,” Rivett said in a statement.

According to the statement, NordStar has indicated that former Ontario premier David Peterson will be appointed as vice chair of the Toronto Star once the deal closes.

Under terms of the deal, Bitove and Rivett will acquire all Class A shares and Class B non-voting shares of Torstar for 63 cents per share — a 67% premium to the 20-day volume-weighted average trading price of the Class B shares as of May 25.

Torstar stock fell 17% Tuesday, to close at 40 cents, roughly the same price at which it traded when the COVID-19-induced economic shutdown began two-and-a-half months ago.

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BrianC
BrianC
May 28, 2020 2:30 pm

Meet the new boss. Same as the old boss.