Toronto Star and 75 other papers Sold in $52M Deal


 FILE: The Toronto Star building is shown in Toronto on June 8, 2016.                                   THE CANADIAN PRESS/Eduardo Lima
Five families that built and grew media conglomerate Torstar Corp. have agreed to hand the newspapers they presided over for roughly 70 years to a Canadian investment firm that plans to take the company private.
The owner of the Toronto Star and other community newspapers revealed Tuesday evening that it reached a $52-million acquisition deal with NordStar Capital LP, a firm run by businessmen Paul Rivett and Jordan Bitove.

Bitove said he had been watching Torstar for some time before getting Rivett involved and approaching the company and its board chair John Honderich with a deal.

“I think what he saw in Paul and I were two young guys who were prepared to roll up their sleeves and put their shoulder to the wheel,” Rivett, who delivered newspapers as a child, said in an interview after the deal was announced.

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