TORSTAR ACQUIRES SHARE OF BLACK PRESS
By Adnews Staff
Toronto-based Torstar Corp. is set to acquire a 19.35% share of Black Press for $20 million. Based in Victoria, Black Press publishes 88 newspapers and has 11 printing plants in western Canada and the states of Washington and Hawaii. The company is owned by David Black. Black began his newspaper career at Torstar, leaving to purchase his father's newpaper in Williams Lake, BC in 1975. "We are extremely pleased with the opportunity to invest in Black Press' community newspaper business," said Rob Prichard, president and chief executive officer of Torstar. "We believe there will be good opportunities to help grow Black Press in the years ahead and thereby add a significant new market to Torstar's reach." Torstar's businesses include daily newspapers The Toronto Star, The Hamilton Spectator and The Guelph Mercury, Metroland Printing, Publishing & Distributing, which publishes 69 community newspapers, and Harlequin Enterprises. Earlier this week Torstar acquired a controlling interest in the Transit Television Network for US$4.1 million. The network, a joint venture between Torstar and the ITEC Network, delivers announcements, news, weather, advertising and games to screens in Orlando transit vehicles.