Nordstar arbitration concludes: Jordan Bitove Assumes Full Ownership of Torstar
Final settlement includes control of related companies
TORONTO, Feb. 10, 2023 /CNW/ - Torstar Corporation announced today that the arbitration transaction process of NordStar Capital LP ("NordStar") closed on February 8.
Pursuant to the final arbitration award, Jordan Bitove remains the owner of Torstar Corporation ("Torstar") and will maintain a voting rights interest in VerticalScope Holding Inc. ("VerticalScope") and in NorthStar Gaming Inc. ("NorthStar").
"I appreciate the commitment by all involved in the arbitration process to conclude the proceedings as quickly as possible," Bitove said. "Today our focus is squarely on the future and the actions we're taking to put the Toronto Star and Metroland community newspapers on a solid footing. While the media landscape continues to evolve, our team will be entirely motivated by strengthening the Toronto Star – Canada's largest circulation newspaper – and our Metroland community newspapers, which are the heart and soul of communities across Ontario. Our commitment to quality, sustainable journalism and serving our readers will guide every action we take in the years to come."
Bitove added: "With the investor rights interests in VerticalScope and NorthStar, we have a fantastic opportunity to continue building these organizations, while fully supporting their management teams to meet the moment and fully leverage their cutting-edge technology."
Torstar is a holding company involved primarily in news and media businesses. The Torstar group includes the Toronto Star and numerous other city and community news organizations. Other investments include Canadian Press and Metroland Parcel Services.
SOURCE Torstar Corporation
Bob Hepburn, Director, Communications, Torstar Corporation, [email protected], (cell) 416-578-5629
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