Toronto Star sold to private equity investors: What it means for Canadian media

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. The buyers, Jordan Bitove and Paul Rivett, are financial tycoons. 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. They and their families wholly own NordStar Capital, the holding company that now owns TorStar.-- More...