Bitove acquires Torstar
Canadian media – November 24, 2022 at 11:16 am | Stories: 398116
Picture: Canadian Press
The Toronto Star building was unveiled on June 8, 2016 in Toronto. Canadian Push/Eduardo Lima
Toronto Star publisher Jordan Bitove will acquire sole management of the paper’s parent firm as element of an arbitration settlement with co-owner Paul Rivett, media studies reported, citing unnamed sources. Consequently ending a tense dispute amongst previous associates.
Torstar Corp. also owns the Metroland newspaper group and area newspapers, which includes Hamilton Spectator.
Bitove will also keep a sizeable stake in VerticalScope Holdings Inc., a technological innovation organization with 1,200 specialty sites.
Two months back, Bitove’s business associate Paul Rivett filed an application in the Ontario Top-quality Court docket trying to get a court purchase to dissolve NordStar Cash Inc., which acquired Torstar in 2020 for $60 million.
In the courtroom filing, Rivett explained his connection with Bitov had been “irreparably” weakened and reported the two could no longer get the job done together.
After the application was built general public, the two agreed to go their lawful dispute to mediation and arbitration.
Rivett alleges that Bitov adjusted his intellect about earlier agreed ideas, unsuccessful to deliver a budget for the Toronto Star, disregarded suitable company governance and disregarded his tasks.
Rivett also requested the courtroom to appoint PwC to manage the asset sale to take care of the “deadlock” amongst the two.
The pair are equivalent associates in NordStar, which also owns on the internet information site iPolitics and sportsbook NorthStar Gaming Inc. NordStar has also invested in The Canadian Press and Blue Ant Media Inc, and is a shareholder in VerticalScope Inc.
Rivett was president of Fairfax Monetary prior to performing with Bitove, which was part of the possession consortium that built SkyDome (now Rogers Centre).