Torstar

Torstar is a Canadian media company whose principal legacy business is news publishing, centered on the Toronto Star. The company was established in 1958 after a change in Ontario law prevented the charitable Atkinson Foundation from directly operating a profit-making newspaper. Trustees connected with the foundation instead acquired the Star privately and created Torstar as the corporate vehicle for its ownership and operation. For most of its history, Torstar was associated with the Atkinson family and other descendants of the original trustees through a voting structure that preserved long-term control. Its flagship Toronto Star developed a national reputation for socially progressive editorial positions and for the Atkinson Principles, which emphasize public-interest journalism, social justice, and civic accountability. Torstar also built a portfolio of regional daily newspapers, community publications, syndication operations, and digital media businesses. Its daily-news holdings have included the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and Waterloo Region Record. Through Metroland Media Group, Torstar operated a large network of weekly community newspapers and related local-media products. The company also held interests in The Canadian Press and Black Press, and previously owned or invested in businesses including Harlequin Enterprises, CTVglobemedia, and VerticalScope. Torstar pursued digital diversification as the economics of print advertising and circulation weakened. In 2015 it acquired a majority interest in VerticalScope, an operator of online forums and specialist communities, and it experimented with tablet-first products such as Toronto Star Touch. The latter was discontinued in 2017 after insufficient audience and advertising traction. Torstar also participated in a 2017 newspaper asset exchange with Postmedia intended to consolidate operations in overlapping local markets. The transaction attracted regulatory scrutiny because of its effect on newspaper competition and the use of non-compete provisions. Torstar suspended its dividend in 2019 and reported financial pressure during the early stages of the COVID-19 period. In May 2020, NordStar Capital, an investment partnership formed by Paul Rivett and Jordan Bitove, proposed to acquire the company. The offer was increased to C$60 million and approved by shareholders and the Ontario Superior Court in July 2020. Torstar subsequently became privately held and was removed from the public markets. After the acquisition, relations between Rivett and Bitove deteriorated. An arbitration process ultimately divided the principal assets in February 2023: Bitove received the Toronto Star and Metroland Media Group, while Rivett received iPolitics and Queen's Park Briefing. Torstar therefore continued as a media-company name associated with the Toronto Star and related publishing operations, although its asset structure and ownership changed substantially from the publicly traded corporation of earlier decades.

Torstar originated in the ownership structure of the Toronto Star. Joseph Atkinson, the newspaper's owner and publisher, had intended the Star to pass to a charitable foundation associated with his public-interest ideals. Ontario legislation enacted during the government of Premier George Drew barred charitable organizations from operating profitable businesses such as newspapers. Rather than dispose of the publication, trustees associated with the Atkinson Foundation acquired the newspaper privately and established Torstar in 1958. From its creation through 2020, Torstar used a share and voting arrangement that gave members of the families connected with the original trustees continuing influence over the corporation. The Toronto Star remained the company's defining asset, while Torstar expanded into regional daily newspapers, local weekly publications, syndication, and other media interests. Its newspaper portfolio included titles serving Hamilton, Peterborough, Niagara, St. Catharines, Welland, and Waterloo Region. Metroland Media Group extended the company's reach into community newspapers and local magazines across Ontario and other Canadian markets. Torstar also developed and acquired non-newspaper assets. It became an investor in The Canadian Press when the news agency moved toward a for-profit ownership structure in 2010. In 2015, Torstar announced the purchase of a 56 percent interest in VerticalScope, a Toronto-based operator of online communities and discussion boards, for C$200 million. VerticalScope was later taken public in 2021, and Torstar no longer owned it after that offering. Torstar held a 20 percent interest in Black Press and previously owned a 20 percent stake in CTVglobemedia. The latter investment attracted attention because CTVglobemedia also owned the Globe and Mail, a newspaper that competed with the Toronto Star. Torstar sold that interest in 2011. The company experimented with new digital formats as print-media economics deteriorated. Toronto Star Touch, a tablet-oriented application launched in 2015, was discontinued in 2017 after the company concluded that readership and advertising volume did not justify the investment. Torstar replaced it with broader mobile and tablet applications. In 2017, Torstar and Postmedia proposed exchanging newspaper assets in several Canadian markets. The deal was intended to reduce overlap and create operating efficiencies, but the Competition Bureau alleged that the transaction and associated non-compete provisions could harm competition. Torstar later sought court protection for documents seized during the investigation. Torstar's financial position weakened as advertising and circulation revenues declined. The company suspended its quarterly dividend in late 2019 and reported a first-quarter 2020 loss of C$23.5 million. In May 2020, NordStar Capital, founded by former Fairfax Financial executive Paul Rivett and Jordan Bitove, offered to purchase the company for C$52 million. The bid was increased to C$60 million, or C$0.74 per share, in July. Shareholders approved the proposal, and the Ontario Superior Court authorized the acquisition later that month. Torstar consequently became privately held. The post-acquisition ownership arrangement did not remain stable. Rivett applied in 2022 for a division of NordStar's assets after his relationship with Bitove broke down. An arbitration settlement completed in February 2023 awarded the Toronto Star and Metroland Media Group to Bitove, while Rivett received iPolitics and Queen's Park Briefing. This settlement marked a major reorganization of the businesses assembled under NordStar and ended the joint ownership relationship between the two acquisition partners.

1. 2023NordStar assets are divided

   An arbitration settlement awards the Toronto Star and Metroland to Jordan Bitove and iPolitics and Queen's Park Briefing to Paul Rivett.

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2. 2021VerticalScope goes public

   VerticalScope completes an initial public offering and begins trading on the Toronto Stock Exchange under the ticker FORA; Torstar ceases to own the business.

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3. 2020NordStar announces acquisition proposal

   NordStar Capital proposes to acquire Torstar and take it private for an initial C$52 million.

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4. 2020Torstar becomes privately owned

   Following a revised C$60 million offer, shareholder approval, and court authorization, NordStar completes its acquisition of Torstar.

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5. 2019Dividend suspension

   Torstar suspends its quarterly dividend amid pressure on its financial performance.

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6. 2018Competition Bureau challenges newspaper deal

   The Competition Bureau formally raises concerns that non-compete provisions connected with the Torstar-Postmedia transaction violate the Competition Act.

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7. 2017Toronto Star Touch is discontinued

   The tablet application is withdrawn after inadequate reader and advertiser volume, with universal mobile applications taking its place.

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8. 2017Torstar and Postmedia announce asset exchange

   The companies announce a swap of daily and community newspaper assets in several Canadian markets.

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9. 2015VerticalScope acquisition

   Torstar acquires a 56 percent majority interest in online-community operator VerticalScope for C$200 million.

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10. 2015Toronto Star Touch launches

    Torstar launches a tablet-focused digital edition for the Toronto Star.

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11. 2014Harlequin is sold to HarperCollins

    Torstar announces the sale of romance publisher Harlequin Enterprises to HarperCollins for C$415 million.

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12. 2011Sale of CTVglobemedia interest

    Torstar sells its 20 percent interest in CTVglobemedia after the company's media assets are acquired by BCE.

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13. 2010Torstar invests in The Canadian Press

    Torstar becomes an investor as The Canadian Press adopts a for-profit corporate ownership structure.

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14. 1958Torstar is established

    Trustees associated with the Atkinson Foundation create Torstar to own and operate the Toronto Star after Ontario legislation restricts charitable ownership of profitable enterprises.

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A Canadian news and local-media group built around the Toronto Star, with an editorial identity associated with progressive public-interest journalism and a business portfolio spanning regional newspapers, community publications, syndication, and digital media.

• Toronto StarDaily newspaper

  Torstar's flagship and namesake newspaper, serving the Toronto market and providing general news, politics, business, culture, sports, and opinion coverage. The publication is associated with the Atkinson tradition of progressive editorial values and public-interest journalism. It has also supported digital editions, mobile applications, syndication, and related publishing services.

• Regional daily newspapersNewspapers

  Torstar's regional newspaper portfolio has included The Hamilton Spectator, Waterloo Region Record, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and Peterborough Examiner. These titles provide local reporting and advertising for their respective communities and complement the Toronto Star within Torstar's daily-news operations.

• Metroland Media GroupCommunity media

  Metroland Media Group operated a broad network of weekly community newspapers, local publications, and related media products. Its business model focused on geographically targeted local news, community information, print advertising, and digital reach. The group also included Canadian Immigrant and other community-oriented properties.

• Torstar Syndication ServicesNews syndication

  Torstar Syndication Services distributes selected editorial material and related content from Torstar's news operations to other publishers and media outlets. It forms part of the company's daily-news brands division and extends the commercial reach of its reporting beyond the original newspaper titles.

• StarMetroFree daily newspaper

  StarMetro was a chain of free daily newspapers serving markets including Calgary, Edmonton, Halifax, Toronto, and Vancouver. It was part of Torstar's daily-news portfolio until publication ceased in 2019 as the company adjusted its newspaper operations.

• Toronto Star TouchDigital news application2015

  Toronto Star Touch was a tablet-specific digital news application introduced in 2015. It represented Torstar's effort to create a richer, publication-style digital product for tablet readers, but it was discontinued in 2017 after reader and advertiser adoption failed to reach sustainable levels.

• ScoopCelebrity magazine2005

  Scoop was a weekly celebrity-oriented magazine launched by Torstar in 2005. The publication had a short lifespan and folded approximately one year after launch.

• 2023Arbitrated division of NordStar assetsM&A

  The business relationship between NordStar partners Paul Rivett and Jordan Bitove deteriorated, leading Rivett to seek a division of the jointly held assets.

  What changed. An arbitration settlement awarded the Toronto Star and Metroland Media Group to Bitove, and iPolitics and Queen's Park Briefing to Rivett.

  Aftermath. The settlement ended the partners' joint ownership of the principal Torstar-related assets.

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• 2020Sale to NordStar CapitalM&A

  Torstar's share price and operating performance had weakened, and the company reported a C$23.5 million loss for the first quarter of 2020.

  What changed. Torstar accepted NordStar Capital's revised C$60 million offer and became privately owned after shareholder and court approval.

  Aftermath. The acquisition ended Torstar's period as a publicly traded company and transferred control to Paul Rivett and Jordan Bitove's investment partnership.

  Acquisition price. C$60 million (2020)

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• 2019Suspension of quarterly dividendStrategy

  Torstar faced declining newspaper-industry revenues and insufficient financial performance to sustain regular shareholder distributions.

  What changed. The company suspended its quarterly dividend.

  Aftermath. The suspension contributed to weakness in Torstar's publicly traded share price and preceded the 2020 sale process.

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• 2017Newspaper asset exchange with PostmediaStrategy

  Torstar and Postmedia held overlapping newspaper operations in several Canadian markets and sought to reorganize their local portfolios.

  What changed. The companies announced a swap involving daily, community, and free newspaper assets. Torstar stated that the arrangement would allow greater focus and operating synergies in its existing markets.

  Aftermath. The transaction drew Competition Bureau scrutiny over market concentration and non-compete provisions.

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• 2017Withdrawal of Toronto Star TouchOther

  The tablet-focused application attracted insufficient readership and advertising relative to the investment required to operate it.

  What changed. Torstar discontinued Toronto Star Touch and moved users toward universal Android and iOS applications.

  Aftermath. The decision ended Torstar's tablet-specific product experiment while retaining broader digital distribution.

  Reported investment. C$20 million (2015-2017)

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• 2015Acquisition of VerticalScopeM&A

  Torstar sought to expand its presence in digital media and online communities as traditional newspaper economics weakened.

  What changed. Torstar acquired a 56 percent majority stake in VerticalScope.

  Aftermath. VerticalScope was later taken public in 2021, after which Torstar no longer owned the company.

  Acquisition price. C$200 million (2015)

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• 2014Sale of Harlequin EnterprisesM&A

  Torstar held the romance-fiction publisher as part of a broader media portfolio that extended beyond newspapers.

  What changed. Torstar sold Harlequin Enterprises to HarperCollins.

  Aftermath. The transaction removed the book-publishing business from Torstar's portfolio.

  Sale price. C$415 million (2014)

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• 2018Competition concerns over newspaper asset exchangeControversy

  The Competition Bureau alleged that Torstar and Postmedia's 2017 newspaper asset exchange, together with non-compete clauses, could reduce competition in affected local newspaper markets. Torstar subsequently sought court orders concerning documents seized during the investigation.

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• 2023Torstar ownership dispute leads to asset division

  An arbitration settlement divided NordStar's Torstar-related assets after the relationship between Rivett and Bitove deteriorated. Bitove received the Toronto Star and Metroland, while Rivett received iPolitics and Queen's Park Briefing.

  M&ALeadership change
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• 2020NordStar Capital proposes acquisition of Torstar

  Paul Rivett and Jordan Bitove's NordStar Capital proposed taking Torstar private in an all-cash transaction initially valued at C$52 million.

  M&A
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• 2020NordStar increases offer and court approves Torstar takeover

  NordStar raised its offer to C$60 million. After shareholder approval, the Ontario Superior Court approved the arrangement over objections from a rival bidding group.

  M&A
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• 2018Torstar applies to keep seized Competition Bureau documents sealed

  Torstar sought an Ontario Superior Court order concerning documents seized by the Competition Bureau during its investigation of the newspaper exchange.

  LawsuitRegulation
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• 2017Torstar and Postmedia announce newspaper asset exchange

  The companies announced a transaction involving daily, community, and free newspaper assets in overlapping Canadian markets. Torstar said the arrangement would support operational focus and market synergies.

  M&ARegulation
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1. Torstar
2. Torstar corporate website