News   Apr 24, 2024
Latest Iteration of 50 Eglinton West Proposes 46- and 58-Storey Towers
 757     1 
News   Apr 24, 2024
Sustainability Month: Mass Timber Construction Showing Long-Term Economic Benefits
 1K     1 
News   Apr 24, 2024
Aspen Ridge Freehold Townhomes at Crosstown in Master-Planned Community
 572     0 

Toronto Media Landscape and Personalities

Torstar shares halted on TSX amid report of higher offer for newspaper company

Jul 09, 2020

A second bid to buy newspaper publishing empire Torstar. Corp has reportedly emerged, one that values the company 14 per cent higher than the previous offer.

The Globe and Mail newspaper first reported on the second bid from the Proud Brothers, Matthew and Tyler, who made their money in the technology sector.

The duo are reportedly offering 72 cents a share to buy the company. That would value the company at $58 million, better than the 63-cent offer in May from the Bitove and Rivett families' company Nordstar, which valued the company at $52 million.

Shares in the company were halted in premarket trading on the Toronto Stock Exchange on Thursday morning, with regulators citing "pending news" as the reason for the halt.

 
Toronto Star Drama Continues.

The takeover of the Toronto Star’s publisher by entrepreneurs Jordan Bitove and Paul Rivett has been delayed until at least Friday after competing bidder Canadian Modern Media Holdings requested a stay of the court decision approving the deal. The request for the stay will be heard in Ontario Divisional Court on Friday morning. Torstar had intended to close the $60-million deal with Bitove and Rivett’s company NordStar Capital on Thursday, but announced Wednesday evening that the close would be delayed.
Click to expand...

www.thestar.com

Torstar takeover delayed again by rival bidder

Ontario Divisional Court will hear a request for a stay of a court decision approving the deal Friday morning.
www.thestar.com www.thestar.com


I'm not sure it has been well documented, but a big partner in the CMMH offer is Greg Sorbara.
 
And it's over.

An appeals court has cleared the way for a $60-million takeover of the Star’s publisher by entrepreneurs Jordan Bitove and Paul Rivett.
Lawyers for a competing bid from Canadian Modern Media Holdings had asked the Ontario Divisional Court to issue a stay of Monday night’s ruling approving the takeover by Bitove and Rivett’s company NordStar.
But Divisional Court Justice Michael Penny rejected the request Friday afternoon, issuing his decision via email after a morning hearing. “Having carefully read the material filed and considered the submissions of the parties, I have concluded that the motion for a stay of the order ... must be dismissed.”
Click to expand...
 
Jonny5 said:
The peasants have finally revolted against Rosie DiManno.
https://twitter.com/x/status/1298336825510187008
Click to expand...

I'm betwixt on this.

First off, I viscerally dislike DiManno.

As @Towered notes, her writing style is grating to put it charitably.

She's also self-righteous, yet hypocritical (not an uncommon failing); acerbic and self-absorbed, and needlessly aggressive in her takes.

Did I mention I don't like her much?

On the other hand, I'm not a fan of 'safe spaces' nor Ms. Paradkar.

She likewise sees the world in a very myopic way, and is, in many respects the flip side of the DiManno coin.

She doesn't do nuance well, is unfailing self-righteous and condescending and isn't as committed to truth or accuracy as I would like.

It would suit me well if The Star relieved both of them of all of their professional responsibilities.

There may well be institutional prejudice at The Star; certainly minorities are under-represented at the editorial level, and as columnists.

But, I don't think the answer lies in empowering a woman I feel isn't competent at her craft; nor is it 'safe spaces' which rarely, if ever, affect the desired change.

Instead, its actively recruiting and promoting minority voices into those editorial and columnist roles; and buying out some older staff who are close to retirement age anyway.
 
Johnny Au said:
Rosie DiManno can still write sports columns.

Females are underrepresented in sports writing and sports (along with politics) is her speciality.
Click to expand...
Interestingly, the Leafs beat writer, Kevin McGran, is a signatory on that letter. There are lots of stories that DiManno does not treat colleagues well in the newsroom. I've never seen a specific example, but the number of occasions this has been whispered about over so many years (20 years) makes me think there is a kernel of truth.
 
Last edited:
You must log in or register to post here.

Back
Top