Jordan Bitove Assumes Full Ownership of Torstar

Its now official; a final arbitration award makes  Jordan Bitove  the owner of Torstar Corporation. He will also maintain a voting rights interest in VerticalScope Holding Inc. and in NorthStar Gaming Inc.  This follows a boardroom dispute that erupted last year over cost-cutting measures between partners Jordan Bitove and Paul Rivett

“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.”

The deal to settle the ownership was agreed to in November subject to the arbitration award which was announced last week. At that time Bitove stated, “Paul Rivett and I went into our partnership with the best of intentions, united in our desire to build a more resilient and competitive TorStar. In the process of doing that, areas of disagreement emerged which we were not able to resolve. As a result, we entered into an arbitration process that sought to resolve our issues quickly, with minimal disruption to the business, our employees and our readers.” For his part, Rivett said, “congratulations to Jordan for choosing to own the Star and Metroland. I wish the dedicated employees at the Star and Metroland good luck and every success in their future endeavours.”

The release did not mention the Hamilton Spectator and the Waterloo Record, both Torstar properties, but in answer to a question from the Bay Observer, Torstar spokesperson Bob Hepburn wrote, “The Hamilton Spectator and the Waterloo Region Record are part of the Metroland division of Torstar and are indeed part of the plan going forward for Jordan Bitove.”