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August 6, 2020 3:38 pm  #1


Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

It's a done deal.  Jordan Bitove and Paul Rivett of NordStar Capital have officially taken over Torstar which includes The Toronto Star, six regional daily papers and over 70 weekly newspapers.
https://www.thestar.com/business/2020/08/05/nordstar-takes-possession-of-toronto-star-publisher.html

 

August 7, 2020 4:03 pm  #2


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

These guys sound like they've done a lot of homework and appear ready to do much more, now that they're in the building.

This jumped off the page in the above Star article:

“I’ve worked on a lot of turnarounds, and cutting is never the preferred route. A better way to do things is to grow, and that’s what we’ll be focusing on. We’ll be bringing all our experience and our contacts to help the Star grow and continue its traditions of journalistic excellence,” said (Paul) Rivett.

A better way to do things is to grow. That's the way a winner thinks.

Last edited by mike marshall (August 7, 2020 4:07 pm)

 

August 7, 2020 4:10 pm  #3


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

Not long after paterson1 posted this story, I went to the Star's website. "Server Error" is all that came up! Hardly an auspicious beginning! (It's back up now, but the irony wasn't lost on me.) 

 

August 7, 2020 5:04 pm  #4


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

mike marshall wrote:

These guys sound like they've done a lot of homework and appear ready to do much more, now that they're in the building.

This jumped off the page in the above Star article:

“I’ve worked on a lot of turnarounds, and cutting is never the preferred route. A better way to do things is to grow, and that’s what we’ll be focusing on. We’ll be bringing all our experience and our contacts to help the Star grow and continue its traditions of journalistic excellence,” said (Paul) Rivett.

A better way to do things is to grow. That's the way a winner thinks.

Absolutely right, I hope the new owners shake up the newspaper and media businesses and grow the paper and company. Media in Toronto has been in a rut for too long.   Interesting that both owners have made a point referring to the Atkinson Principles and the fact that the paper will continue to follow them.

On the business side, the company that some didn't like or respect very much, was actually run quite well considering terrible  market conditions for all media and the fact they had no debt and almost $70 million cash in the bank. And they moved their pension plans years ago and took care of employees and pensions. The company deserves much credit for this.  

Wasn't it nice that nothing came up about how poorly Torstar employees were treated and how they would lose their pensions or have them reduced drastically?  I remember the troubles that Sears employees had a few years ago. Many had their pensions drastically reduced and some received next to nothing.

RA, the server being down when you went to the Star site yesterday has nothing to do with anything...wishful thinking maybe??  It was also down yesterday twice when I logged on to SOWNY and the Globe and Mail...and we wouldn't read anything into that ...would we?? 

For those that don't know, here are the Atkinson Principles.  Editorially this has guided the Toronto Star for many decades. Other papers and divisions in the company are free to follow or not follow as they wish.  Torstar never imposed these principles on the other papers. 
https://www.thestar.com/about/atkinson.html 

     Thread Starter
 

August 8, 2020 10:17 pm  #5


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

The new owners published a front page letter to readers on Saturday. Here's what it said:

A letter to our readers 

 

August 9, 2020 7:00 am  #6


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

Does this mean Rob Salem can come home now?  Please.  Will add instant credibility.

 

August 9, 2020 7:13 am  #7


Re: Signed, Sealed and Delivered. NordStar Capital Officially Owns Torstar

I agree with you John. The Star's Entertainment section has been pretty much obliterated by firing nearly all of the reporters on that beat. It used to be my favourite section of the paper. Now it's literally become a page turner, where I just turn the pages without finding anything worth reading - and certainly nothing about local issues. There are only so many New York Times and Wall St. Journal articles you can fill the thing with.