ADVERTISEMENT

News

According to reports, Jordan Bitov will take full ownership of Torstar

ADVERTISEMENT

Toronto Star publisher Jordan Bitov will gain full control of the newspaper’s parent company as part of an arbitration agreement with co-owner Paul Rivette, according to media reports citing unnamed sources, sparking a tense dispute between the former partners.

Torstar Corp also owns local newspapers, including the Metroland Newspaper Group and the Hamilton Spectator.

Bitov Verticalscope Inc. also retains a significant stake in TechCrunch, a technology company that owns 1,200 specialty websites and

Two months after Bitov’s business partner Paul Rivette filed an application in the Ontario Superior Court, NordStar Capital Inc.

In the petition, Rivette called “irreparable” damage to his relationship with Bitov and said the pair could no longer work together.

After the filing became public, the couple agreed to transfer their legal dispute to arbitration arbitration.

Rivet alleged that Bitov had changed his mind about previously agreed plans, failed to provide a budget for the Toronto Star, neglected corporate governance and ignored his responsibilities.

Rivett also asked the court to appoint PricewaterhouseCoopers to manage the sale of the property to resolve the “impassion” between the two people.

In a September statement responding to Rivet’s claims, Bitov said he has been working to make the company more agile, responsible and competitive.

“I have done this to ensure that the Toronto Star, Canada’s largest newspaper, can continue to deliver the news, opinion and stories our diverse audiences seek and the investigative journalism our democracy depends on. a bright, strong future,” he added.

Bitov said he was focused on creating a product focused on credible journalism that readers demand, while using that demand to build a sustainable business.

Also read  Manchester United are up 18% after reports that the US owner of the British soccer team could decide to sell it

“Some investors’ preferred play is to cut costs to the core, expose the product, and shrink the newsroom to drive short-term gains for shareholders.”

Both men were equal partners in Nordstar, which also owns the online news site iPolitics and sportsbook Northstar Gaming Inc.

Prior to working with Bitov, who was part of the ownership consortium that built the SkyDome, now Rogers Center, Rivett previously served as president at Fairfax Financial.

This report from The Canadian Press was first published on November 24, 2022.

,

Torstar invests in The Canadian Press as part of a joint arrangement with Montreal subsidiaries Globe and Mail and La Presse.

Canadian press

Source

ADVERTISEMENT

ADVERTISEMENT

Leave a Comment