The new owners of the Toronto Star have already more than recouped their investment in the newspaper chain, after the initial public offering of one of Torstar's digital publishing subsidiaries values the company at almost $400 million. In order to improve our community experience, we are temporarily suspending article commenting. "While we have loved the company and are immensely proud of it, the time has come to pass the torch," said John Honderich, chair of the Board of Torstar. Torstar expects to mail an information circular in June 2020 for a special meeting of the Class A and ClassB shareholders, expected to be held in mid-July 2020 to approve the transaction (the "Special Meeting"). "There was a higher bid they chose not to pursue," he said. How comfortable will the Stars editorial board be, under this new ownership, with endorsing something like a wealth tax? We are delighted to know that the new owners have pledged to build on Torstar's legacy of quality journalism and to promote the Atkinson Principles at the Toronto Star. Check out Village Report - the news that matters most to Canada, updated throughout the day. And it seems Torstar's new owners are more than happy to show off their new sweetheart to the world andsqueezerevenue streams out of it. Bitove is a partner in a private equity firm, and Rivett retired from his role as president of a large private holding company earlier this year. In November, the company launched a parcel delivery serviceand then sold a digital marketing service to grocery chain Loblaw Companies Ltd.the same month. In the event the arrangement agreement is terminated in accordance with its terms, obligations under the voting support agreements automatically terminate. ", NordStar, he said, "got a sweetheart deal.". It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Despite VerticalScope going public, NordStar still owns just shy of40 per cent of the company, a stake worth about $180 million based on where the shares are trading, at about$22.33 apiece nearing midday on Monday. Norton Rose Fulbright Canada LLP is legal counsel to NordStar. Attracting more diverse municipal candidates who represent Canadas population requires better pay. Torstar shareholders give OK to $60M takeover despite other offer worth more on paper, Torstar shares halted on TSX after getting rival takeover offer for newspaper company, Torstar agrees to $52M sale to NordStar Capital. One of them is a digital publishing company called VerticalScope. The species is critically endangered. There are now 1,483 people in hospital with the virus and 126 requiring intensive care. When search suggestions are available use up and down arrows to review and enter to select. Torstar CEO John Boynton is expected to continue in his role following the completion of the transaction and the new owners have expressed their support for, and commitment to, the organization's transformation strategy. Ian Oliver, president of Metroland and executive vice-president of Torstar, will become CEO and co-owner of a new group of companies based on Metroland Parcel Services and will report directly to the chair of NordStar. As it presses ahead with providing tens of billions of dollars in military, economic and direct financial support aid to Ukraine and encourages its allies to do the same, the Biden administration is now once again, York Regional Police said Thursday they have recovered the body of a Markham woman who is believed to have drowned in Lake Simcoe, near Georgina, Ont., after she fell off a water tube. The Conservatives can probably look forward to a clean sweep of newspaper endorsements next election, even as those endorsements mean less than ever before. The gallery has opened a permanent exhibition highlighting the work of former students and instructors from Mount Allison's fine arts program. "Jordan and I are very excited to become involved with the business that Joe Atkinson built and we are very fortunate to have the Honourable David Peterson, former Premier of Ontario, as our Vice Chair of the Toronto Star.". After extensive negotiation and consideration of the proposed transaction, the special committee provided its unanimous recommendation of the transaction to the Board. ", NordStar, he said, "got a sweetheart deal.". Julian Klymochko, CEO of Calgary-based alternative ETF seller Accelerate Financial Technologies Inc. said he is not surprised to see Torstar's new owners selling off valuable assets. They no doubt have another venture capital-inspired scheme to streamline, optimize and gobbledygook their flim flam but those havent worked out well for media outlets in the past. John Honderich, the chair of TorStars board, wrote in an editorial that the new owners had committed to build on Torstars storied legacy and also to adhere to the Atkinson Principles, which have been a cornerstone of the flagship Toronto Star. Honderich added that the new owners bring both resources and determination, and noted that Bitove once worked as a paperboy delivering the Star. Torstar has agreed to pay NordStar a fee equal to $2 million plus the amount of the NordStar's transaction expenses (up to an additional $1.5 million) upon the termination of the agreement in certain circumstances, including if Torstar terminates the arrangement agreement to accept a superior proposal. Ricochet produces independent journalism and ideas in the public interest. Better media is out there, but we have to fund it. Under the terms of the transaction, NordStar, controlled by Jordan Bitove and Paul Rivett and wholly-owned by the Bitove and Rivett families, will acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar for $0.63 in cash per share, representing a 66.67% premium to the 20-day volume-weighted average trading price of the Class B non-voting shares on the Toronto Stock Exchange as at May 25, 2020. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of the transaction. The buyers, Jordan Bitove and Paul Rivett, are financial tycoons. "It was worth way more, [so] as shareholders, we were pretty frustrated with the process. Sri Lankan protesters disappointed with choice of new president. His company owned shares in Torstar prior to it being taken out by NordStar, and the main reason itowned the shares in the first place was because of the company's assets outside the core newspaper business. News bulletin 2022/07/20 19:13View on euronews, Faith Robinson never really enjoyed high school. Blake, Cassels & Graydon LLP is legal counsel to Torstar. As the business of news changes, the Toronto Star's founding principles will not.". Vancouver police said the child was standing on the sidewalk with her father and siblings around 11 a.m., when two vehicles collided and went over the curb. The provincial government did not tell the public the committee existed, or that it was being chaired by Paddick. Bitove donated to both Liberal and Conservative federal riding associations in 2014 and 2015, donating to a Liberal in a tight battle with the NDP, and to one Ontario PC Party leadership candidate. Upon completion of the transaction, Torstar will be taken private. The company had more than $60 million in revenue in its last fiscal year, according to regulatory filings. The company maintains digital communities for fans of everything from cars and photography to parenting and outdoor activities such as archery, fishing and sailing. Biden is reporting a runny nose, fatigue and an occasional dry cough, according to a memo from Dr. Kevin OConnor, the presidents doctor. Copyright 2022 CNW Group Ltd. All Rights Reserved. I hope that Bitove and Rivett are in this for the glory, and plan to leave the papers operations alone. The university in Sackville has had some form of fine arts program since 1854. NordStar has agreed to pay Torstar a fee of $3.5 million if NordStar willfully breaches the arrangement agreement, or if after all other conditions to the closing of the transaction have been satisfied or waived, NordStar does not pay the aggregate purchase price of the transaction. In cross examination, Virtanen's lawye. 
This report by The Canadian Press was first published April 27, 2021. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Support us by becoming a member today to, Police investigating misuse of pandemic funds in Kanesatake following community outcry, Toronto spending hundreds of millions on World Cup while city burns, INVESTIGATION: Canadian news media dominated by corporate lobbyists. "The court will dismiss the applications because of the requirements imposed on it by the protection of informer privilege," the ruling s, Ontario is opening COVID-19 vaccine appointments for children aged six months to five years old next week and extending the program for three paid sick days until March 2023 as the seventh wave continues with more hospitalizations and deaths. I sincerely hope that this all works out well for the many great journalists employed by the Star and the other papers included in this deal. sold a digital marketing service to grocery chain Loblaw Companies Ltd. CBC's Journalistic Standards and Practices. Rivett donated the maximum to Maxime Berniers leadership campaign in 2017, and donated to Bernier again in 2018 to help clear his debts from the leadership campaign. The name of the complainant, identified as MS, is protected by a publication ban. ': Minister Guilbeault interrupted during press conference in Montreal, Friend of N.L. "It's not surprising given the tremendous asset value, which is incredibly obvious now," he said in an interview with CBC News. Readers are cautioned that reliance on such information may not be appropriate for other purposes. "My family has always sought to contribute to the fabric of this country. The low price of the sale took many observers by surprise, while others noted that TorStars stock price inexplicably surged yesterday before news of the deal was public. Interior on the verge of collapsing into the Nicola River, Too hot to handle: How to survive amid extreme heat and humidity. "With the proceeds raised, we are in a strong position to accelerate our accretive acquisitions while continuing to invest in our software platform. Late Tuesday evening, the Toronto Star published a short news item noting that their parent company TorStar, which also owns the Hamilton Spectator, five other dailies and around 70 weekly newspapers, was being sold for $52 million and taken private. His company owned shares in Torstar prior to it being taken out by NordStar, and the main reason it owned the shares in the first place was because of the company's assets outside the core newspaper business. Completion of the transaction is subject to other customary conditions, including receipt of court approval and compliance with the Competition Act (Canada). ", "We believe in news. In January, Torstarpartnered with retailer Golf Town to purchase the SCOREGolf brand, and in March, itbought the rights to Cineplex Magazine, which movie-goers thumb through while waiting for their movie to start. Ontario Premier Doug Ford is considering new legislation that would give Toronto Mayor John Tory and his Ottawa counterpart new powers and a potential veto over city council, Global News has learned. Torstar does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law. Investment company NordStarCapital bought out Torstar last year for $60 million, but in addition to the iconic newspaper the company is named after, NordStar also got a slew of other under-the-radar assets. Artists associated with Mount A include Canadian luminaries like Alex Colville, Mary Pratt, Christopher Pratt and Tom Forrestall. It also holds a majority interest in VerticalScope, a North American vertically-focused digital media company. The anticipated timeline for completion of the transaction may change for a number of reasons, including the inability to secure necessary regulatory, court or other approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction. There are also risks that are inherent in the nature of the transaction, including failure to satisfy the conditions to the completion of the transaction and failure to obtain any required regulatory and other approvals (or to do so in a timely manner). He has maintained his innocence. Secured approval from Torstar's Board of Directors and the support of a significant majority ofTorstar's Voting Trust and Fairfax Financial, Torstar's largest independent shareholder. The company had more than $60 million in revenue in its last fiscal year, according to regulatory filings. The new owners of the Toronto Star have already more than recouped their investment in the newspaper chain, after the initial public offering of a digital publishing subsidiary values the company at almost $400 million. Pick your favourite non-profit media outlet and set up a recurring monthly donation. Having received and considered the recommendation of the special committee, the Board determined that the transaction is in the best interest of the company and recommends that Torstar shareholders vote in favour of the transaction at the Special Meeting. The arrangement is subject to the approval at the Special Meeting by (i) at least 66% of the votes cast by Class A and Class B shareholders (voting together as a single class) and (ii) a simple majority of the votes cast by holders of the Class A shares and holders of the Class B non-voting shares (each voting as a separate class and excluding shares required to be excluded pursuant to applicable securities laws). "With the proceeds raised, we are in a strong position to accelerate our accretive acquisitions while continuing to invest in oursoftware platform. I dont want to be pessimistic. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this press release. At a time when polls show Canadians attitudes are shifting markedly to the left on everything from the role of government in the economy to wealth taxes and nationalizing old-age homes, this purchase seems likely to push Canadas mainstream media ecosystem further to the right. Torys LLP is legal counsel to Fairfax Financial. Whether this is an investment vehicle or a vanity project, super-rich owners with longstanding ties to the Conservative Party wouldnt seem to augur well for the Stars ability to maintain one of the only centre-left editorial positions among Canadas major newspapers. Investment company NordStar Capital bought out Torstar last year for $60 million, but in addition to the iconic newspaper the company is named after, NordStar also got a slew of other under-the-radar assets. In November, the company launched a parcel delivery service and then sold a digital marketing service to grocery chain Loblaw Companies Ltd. the same month. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. Metroland Parcel Services was launched in November to provide final-mile delivery of parcels for major retail clients in Ontario. If youre mad about the Star being sold off to a couple of finance bros who stan for Mad Max, dont just stew in it. NordStar has advised that former Ontario premier David Peterson has agreed to be appointed as Vice Chair of the Toronto Star following completion of the transaction. The publisher of the Toronto Star as well as other daily and community newspapers says Boynton, president and CEO of Torstar since 2017, will work with NordStar co-owners Jordan Bitove and Paul Rivett on a number of digital growth initiatives. New owners are donors to Maxime Bernier and the Conservative Party, Automated ads help us pay our journalists, servers, and team. Fairfax Financial currently owns and controls, directly and in the investment portfolios of its insurance subsidiaries, 28,876,337 Class B non-voting shares, representing 40.3% of the outstanding Class B non-voting shares. Torstar says its chief investment officer, Lorenzo DeMarchi, takes over as CEO on an interim basis. Despite VerticalScope going public, NordStar still owns just shy of 40 per cent of the company, a stake worth about $180 million based on where the shares are trading, at about $22.33 apiece nearing midday on Monday. Perhaps its my paranoid nature, but Im not optimistic that the guy who donated the max to Maxime Bernier is going to uphold the Atkinson Principles. "Clearly Torstar was," he said. ", "Both Ian Oliver and Pary Bell have chosen to branch out as owners and operators," said Rivett. (July 20), Russia wants to expand its captured territory beyond Donbas region, Ukraine's FIrst Lady in Washington, and EU gives Ukraine more time to pay debts. That same month, Torstar garnered headlines for its most eye-opening plan yet: a proposal to launch a casino. An early warning report will be filed by Fairfax Financial in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from Fairfax Financial by contacting General Counsel of Fairfax Financial at (416) 367-4941. Police said the woman, 35, wasn't wearing a life jacket and was underwater when officers arrived. "It'snot surprising given the tremendous asset value, which is incredibly obvious now," he said in an interview with CBC News. While VerticalScope is a good business,Klymochkosaid,he has no plans to buy into the company now that it's public since his firmtends to focus on buying up undervalued assets. Thankfully, as the mainstream media implodes, there is a thriving ecosystem of non-profit and crowdfunded outlets doing amazing journalism in this country. He has also donated large amounts to the Ontario PC Party and several of its leadership candidates in the past, including Doug Ford. "From this new position, John will focus on NordStar's many current and future digital initiatives. Biden's symptoms started Wednesday evening. The company maintainsdigital communities for fans of everything from cars and photography to parentingand outdooractivities such asarchery, fishing and sailing. Will they continue to dedicate staff to combing through leaks like the Panama Papers? Each of Blair Franklin Capital Partners Inc. and Marckenz Group Capital Partners has provided the Torstar special committee and the Board with an opinion to the effect that, as of May 26, 2020, the consideration to be received by holders of Torstar shares in the transaction was fair, from a financial point of view, to such holders, subject to the limitations, qualifications, assumptions and other matters set forth in such opinion. Although VerticalScope's ownership structure has changed various times over its more than 20 years in existence, it has been controlled by Torstar since 2015, when the newspaper chain paid $200 million for majority control of the business. "The boardsold the company for less than the assets were worthbut for even less than the cash flow was at one point. That's enough to pay for NordStar's investment in the parent company three times over. "Since its inception as the Evening Star, the Star has been the voice of this city. Across the entire chain of websites, theyengage witha combined 100 million users every month. /https://www.thestar.com/content/dam/thestar/business/2021/04/27/torstar-ceo-john-boynton-appointed-nordstar-vice-chairman-in-executive-shuffle/2021042717048-60887e16d018e63233d85058jpeg.jpg)
premier quits secretly formed Churchill Falls committee, 5-year-old girl seriously injured in 2-vehicle collision in Kitsilano, Ford government considers increasing powers for Toronto, Ottawa mayors, Ukraine graft concerns resurface as Russia war goes on, Body of Markham woman who fell off water tube recovered from Lake Simcoe, Endangered antelope calf born at Illinois zoo, Ukraine war: The latest developments you need to know, White House insiders to talk about Trump's actions on Jan. 6, If we want better municipal politicians, we should pay better wages, Defence suggests complainant in Jake Virtanen sex assault trial was interested in his money. The new owners of the Toronto Star have already more than recouped their investment in the newspaper chain, after the initial public offering of one of Torstar's digital publishing subsidiariesvalues the company at almost $400 million. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "estimate", "predict", "intend", "would", "could", "if", "may" and similar expressions. These factors include, but are not limited to: general global economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; relationships with employees, customers, business partners and competitors; and diversion of management time on the transaction. When the 16-year-old student from Nipissing First Nation fell behind on some of her classes, she was encouraged to attend summer school to make up the difference. While VerticalScope is a good business, Klymochko said, he has no plans to buy into the company now that it's public since his firm tends to focus on buying up undervalued assets. The province's high court delivered a redacted decision, ruling that the right of informants to stay anonymous supersedes the principle of court proceedings being open to the public. In January, Torstar partnered with retailer Golf Town to purchase the SCOREGolf brand, and in March, it bought the rights to Cineplex Magazine, which movie-goers thumb through while waiting for their movie to start. The arrangement agreement includes customary provisions relating to non-solicitation, subject to customary "fiduciary out" provisions that entitle Torstar to terminate the arrangement agreement and accept a superior proposal if NordStar does not match the superior proposal. A personal friend of Premier Andrew Furey has quit as head of a secretly formed committee tasked with analyzing the Churchill River's potential for hydro energy. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Its backed by 75 per cent of Canadians but never comes up in the corporate media for some reason. With Postmedias foreign owners ordering all the papers in the chain to endorse the Conservatives in 2015, and presumably again last election, the Star was one of the only newspapers in the country to endorse a party other than the Conservatives over the last several cycles. View on euronews, WASHINGTON (AP) Matthew Pottinger was a journalist in China, concerned about the country's drift toward authoritarianism, when he decided at age 31 to enlist in the U.S. Marines after the invasion of Iraq. They and their families wholly own NordStar Capital, the holding company that now owns TorStar. Torstar believes that the transaction offers shareholders a significant premium. Torstar was the target of a bidding war last summer that NordStar won, despite not having the best offer on the table, Klymochko said. Get a Free Community Hub Program with any annual display package. TORONTO, May 26, 2020 /CNW/ -Torstar Corporation ("Torstar") (TSX:TS.B) today announced it has entered into an arrangement agreement with NordStar Capital LP ("NordStar") for NordStar to acquire Torstar. Torstar's businesses include the Toronto Star and a portfolio of other news media businesses. This press release includes, among others, forward-looking statements regarding Torstar's expectations regarding: the anticipated benefits of the transaction; the impact of the transaction on the Toronto Star and the company's other media businesses; the management and governance of the company following closing of the transaction; the anticipated timing for the Special Meeting to approve the transaction; the timing and anticipated receipt of required regulatory approvals; and the anticipated timing for closing the transaction. "After I finished throwing up, I said, 'That's it for the dock' I went and got a lawn chair and stuck it in the shallows, and just sat in the lake . TORONTO Torstar Corp. says CEO John Boynton has been appointed vice-chair as well as digital president for its holding company owner, NordStar Capital.