Torstar increases stake in Metro
By Adnews Staff
Torstar has increased to 90% its ownership interest in the English-language Metro newspaper operations jointly owned in Canada with Metro International. Torstar purchases $51.5 million in shares from Metro International and the negotiated a new franchise agreement. Metro International continues to hold the remaining 10% interest in the operation. The operation publishes free daily newspapers under the Metro name in Toronto, Vancouver, Ottawa, Calgary, Edmonton, Winnipeg and London, as well as in Halifax as part a joint venture with Transcontinental Media. "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," said David Holland, president and CEO of Torstar. "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."