NordStar Capital to Acquire Torstar
TORONTO, May 26, 2020 /CNW/ - NordStar Capital ("NordStar") announced today that it has entered into an arrangement agreement with Torstar Corporation (TSX: TS.B) ("Torstar") to acquire its portfolio of news media businesses, including the Toronto Star.
The transaction, which is a good deal for shareholders, is meaningful for the future of local journalism, and Canadian newsreaders who depend on reliable, fact-based reporting.
Acknowledging that it was time for change, Torstar chairman John Honderich said: "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."
"That new chapter starts with our belief in news. With this transaction we can ensure a future for world-class journalists and world-class journalism befitting the Star's storied history," said Jordan Bitove. "My family has always sought to contribute to the fabric of this country. Today's announcement reflects those values and builds on that history. We are committed to investing in the news business and preserving the Atkinson Principles. Fairness and accuracy will continue to guide the papers' value system."
As the business of news changes, the Toronto Star's founding principles will not.
"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," said Paul Rivett. "Jordan and I are very excited to become involved with the business that Joe Atkinson built. He was first and foremost a hard-working businessman. Like us, he did not start the paper, he came in to fix it. That's what we intend to do and we are very fortunate to have the Honourable David Peterson, former Premier of Ontario, as our Vice Chair."
"The Toronto Star is the voice for people who don't have a voice," said the Hon. David Peterson. "It's what gives the paper its distinctive voice, and it's a perspective I share. I am delighted to be involved. I have worked closely with Jordan and his family and Paul is among the most respected businesspeople in this country. I am very pleased to be part of this team."