TORONTO — Shares of Torstar Corp. jumped more than 50 per cent in early trading after the media giant struck a $52-million deal to be bought by a firm operated by two Canadian businessmen.
The owner of the Toronto Star newspaper, and numerous other local media outlets, announced late Tuesday it would be taken private by NordStar Capital LP, owned by Paul Rivett and Jordan Bitove.
Shortly after markets opened, the company’s shares were 22 cents higher at 62 cents per share on the Toronto Stock Exchange.
Aside from its flagship Star paper, Torstar owns the Hamilton Spectator, Waterloo Region Record, St. Catharines Standard, three other dailies and dozens of weeklies.
The NordStar offer is 63 cents per share for all of Torstar’s outstanding class A shares and class B non-voting shares.
Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal’s La Presse.
This report by The Canadian Press was first published May 27, 2020.
Companies in this story: (TSX:TS.B)
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