Bitove Acquires Torstar
Canadian Press – November 24, 2022 / 11:16 AM | | Story: 398116
Photo: Canadian Press
The Toronto Star building is displayed in Toronto on June 8, 2016. THE CANADIAN PRESS/Eduardo Lima
The Toronto Star publisher, Jordan Vitove, has taken a monopoly on the paper’s parent company as part of an arbitration agreement with co-owner Paul Rivet, according to media reports, citing unnamed sources. , and ended a tense dispute between ex-partners.
Torstar Corp. also owns the Metroland newspaper group and local newspapers, including the Hamilton Spectator.
Bitove also holds a sizeable stake in VerticalScope Holdings Inc., a technology company that owns 1,200 professional websites.
The settlement comes two months after Bitove business partner Paul Rivett filed a court order in the Ontario Superior Court seeking to dissolve NordStar Capital Inc., which purchased Torstar for $60 million in 2020. That’s it.
In his court filing, Rivett said he had “irrevocably” damaged his relationship with Bitove and said the two could no longer work together.
After the application was made public, both parties agreed to move the legal dispute to mediation arbitration.
Rivett claimed that Bitove had changed his mind about a previously agreed plan, failed to provide the Toronto Star with funding, ignored good corporate governance, and ignored his responsibilities.
Rivett also asked the court to appoint PricewaterhouseCoopers to administer the property sale to resolve the “deadlock” between the two.
The two were equal partners at NordStar, which also owns online news site iPolitics and sportsbook NorthStar Gaming Inc. NordStar also has investments in The Canadian Press and Blue Ant Media Inc. and is a shareholder in VerticalScope Inc.
Prior to teaming with Bitove, part of the ownership consortium that built the SkyDome (now Rogers Centre), Rivett was president of Fairfax Financial.