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Nordstar Capital and Postmedia Terminate Transaction Discussions
Tuesday, July 18, 2023
TORONTO, July 10, 2023 /CNW/ - Nordstar Capital LP ("Nordstar"), owner of Torstar (the Toronto Star and Metroland Media Group), and Postmedia Network Canada Corp. ("Postmedia") today announced that they have terminated discussions regarding a potential transaction. As announced on June 27, the non-binding discussions related to a possible merger of the Metroland assets with Postmedia's assets, with the Toronto Star's editorial operations remaining independent.
The companies were unable to come to agreement on the terms of the merger, and the added backdrop of regulatory and financial uncertainty led them to make the decision to end their negotiations.
"These are challenging times for media companies, but we intend to keep working hard to give Canadians the news they need to stay informed, which is essential to our communities and to the functioning of our democracy," said Jordan Bitove, owner of Nordstar and Publisher of the Toronto Star.
"Torstar remains focused on addressing the existential threats to journalism in Canada, which have been amplified in recent weeks with the announcements by Meta and Google that they intend to block access to Canadian news," Bitove added.
Last week, Torstar announced that it had halted advertising on Facebook and Instagram following Meta's move to block content on its platforms. "We must work together to ensure that Canadians have full access to trusted, reliable news and journalism" said Neil Oliver, Torstar CEO.
SOURCE Torstar Corporation
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