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Torstar Announces Acquisition of Additional Interest in Metro English Canada(October 14, 2011)
TORONTO, ONTARIO -- (Marketwire) -- 10/14/11 -- Torstar (TSX:TS.B) today announced that it has increased its interest in the English-language Metro newspaper operations ("Free Daily News Group") jointly owned in Canada with Metro International S.A. to 90%. The aggregate consideration was $51.5 million and included the purchase of shares from Metro International S.A. and the negotiation of a new franchise agreement. Metro International S.A. will continue to hold a 10% interest in Free Daily News Group.
Free Daily News Group publishes free daily newspapers under the Metro trade mark in Toronto, Vancouver, Ottawa, Calgary, Edmonton, Winnipeg and London, and pursuant to a joint venture with Transcontinental Media G.P. in Halifax.
"We have been very happy with the significant evolution of the Metro newspaper operation over the past decade and are pleased to increase our interest to 90% in this growing national franchise. For both readers and advertisers, Metro has proven to be an attractive medium in the communities it serves across Canada. We look forward to continuing to build on the success achieved to date working alongside Metro International who will continue to be our partner" said David Holland, President and Chief Executive Officer of Torstar Corporation.
ABOUT TORSTAR CORPORATION
Torstar Corporation is a broadly based media and book publishing company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada's largest daily newspaper, and digital properties including thestar.com, toronto.com, Workopolis, Olive Media, and eyeReturn Marketing; Metroland Media Group, publishers of community and daily newspapers in Ontario; and Harlequin Enterprises, a leading global publisher of books for women.
Certain statements in this press release may constitute forward looking statements that reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities as of the date of this report. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "intend", "would", "could", "if", "may" and similar expressions. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements.
These factors include, but are not limited to: general economic conditions in the principal markets in which the Company operates; the Company's ability to operate in highly competitive industries; the Company's ability to compete with other forms of media and media platforms; the Company's ability to attract and retain advertisers; cyclical and seasonal variations in the Company's revenues; labour disruptions; newsprint costs; the Company's ability to reduce costs; debt financing and availability of capital; reliance on its printing operations; reliance on technology and information systems; availability of insurance; litigation; environmental regulations; dependence on key personnel; loss of reputation; privacy and confidential information; product liability; and intellectual property rights. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results.
In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, assumptions regarding the performance of the North American economy; tax laws in the countries in which we operate; continued availability of printing operations; continued availability of financing on appropriate terms; market competition; expected future revenues, expected future cash flows and successful development of new products. There is a risk that some or all of these assumptions may prove to be incorrect.
When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not intend, and disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law.
For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar's 2010 Management's Discussion & Analysis which is available at www.sedar.com and on Torstar's corporate website www.torstar.com.
Torstar's news releases are available on the Internet at www.torstar.com.
Executive Vice-President and Chief Financial Officer
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