Home Business Jordan Bitove wins ownership of Toronto Star and Metroland, sources say

Jordan Bitove wins ownership of Toronto Star and Metroland, sources say

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Jordan Bitove during a panel discussion in Toronto on November 17th.Cole Burston/Globe and Mail

Jordan Vitove Takes Ownership toronto star Two sources familiar with the matter said Metroland Media Group had a violent falling out with business partner Paul Rivett earlier this year.

Vitove will also hold a sizeable stake in VerticalScope Holdings. Sources said Bitov and Rivet recently reached an agreement after mediation and mediation. Property division arbitration of NordStar Capital, a company in which they are equal partners. In 2020, they used his NordStar to buy Toronto Star’s parent company, Torstar Corp., for him for $60 million.

At the time, they vowed to turn around the company’s newspaper holdings in a tough media environment.

Far from ushering in a new era of growth, the two owners clashed repeatedly over business plans, resulting in a stalemate. In September, Libet filed in court for the dissolution of Nordstar through his holding company, outlining a difficult working relationship. One of his disagreements was to focus on cutting costs. According to the filing, the pair agreed on a number of measures to reduce the cost of NordStar’s newspaper property. refused.

Paul Rivet in Toronto, November 17th.Cole Burston/Globe and Mail

After news of their dispute became public, Mr. Vitove released a statement through Navigator Ltd. refuting the claims in the court filing, calling his partners “to cut costs to the bone, bare product, Someone who likes to shrink”. A newsroom to extract short-term profits for shareholders. ”

Rather than fight it out in court, the two later agreed to settle the matter through mediation and arbitration.

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