The two companies’ top executives would remain in positions of authority in the new merged company: Jordan Bitove, publisher of the Toronto Star and owner of Nordstar, would be chairman and Andrew MacLeod, chief executive officer of Postmedia, would be CEO.
The Toronto Star would also maintain its editorial independence from the merged entity, with Nordstar retaining a 65 per cent interest in a new entity, Toronto Star Inc., which would manage editorial operations of the Star. Bitove remains publisher of the Toronto daily. Postmedia Network Canada Corp. is a holding company with more than 130 brands across print, online, and mobile platforms, including the Vancouver Sun and The Province in Vancouver, the Calgary Herald and Edmonton Journal, The Sun tabloids, Montreal Gazette, Ottawa Citizen, Windsor Star and London Free Press.
In 2020, Torstar accepted a $60 million takeover offer from NordStar Capital LP which was financed by Canso Investment Counsel Ltd., which is a major debtholder of Postmedia, a deal approved by Canada’s Competition Bureau.Article content Both companies have faced economic hardship during increasing digitalization of news which has meant cuts, layoffs and cost reductions.Article content
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