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EXCLUSIVE: Toronto Star publisher vows to protect paper from other co-owner

The head offices of the Toronto Star newspaper at the foot of Toronto’s Yonge Street, Thursday November 8, 2018. [Peter J Thompson] [For Financial Post story by TBA/Fianancial Post]
The head offices of the Toronto Star newspaper at the foot of Toronto’s Yonge Street, Thursday November 8, 2018. [Peter J Thompson] [For Financial Post story by TBA/Fianancial Post]

The owners of the company behind the Toronto Star are currently locked in a legal battle over control of the company.

Paul Rivett, 50% owner of Nordstar Capital Inc., the parent company of the Star, is currently asking a judge to wind down the company and sell off the assets.

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At issue is an impasse that Rivett has with the management of the company, including cost-cutting measures at the Star.

As the pair headed to court Monday, Jordan Bitove, the other 50% owner of Nordstar and publisher of the Star, issued a memo to staff at the Star newsroom.

From the desk of Jordan Bitove
Publisher, Toronto Star

Colleagues,

In this business trust is everything.

Our readers need to know they can trust the news we print.

Our partners trust the power of our platform to reach the audiences that matter.

And you, the hard-working people who work everyday to make it so, can trust that I will do everything in my power to protect and enhance the Toronto Star.

I made that commitment to the late John Honderich and members of the Voting Trust – and it governs every decision I take in this job.

I appreciate that recent events, reporting and industry speculation have left you, and those who care about you, our readers, and our partners feeling apprehensive.

My preference has always been to insulate the Star from distraction and public spectacle by resolving any partnership issues through private arbitration. For my part, I regret that this dispute has intruded into your day-to-day work in any way. And I want you to know that my dedication to building a more competitive and resilient Toronto Star won’t be dampened by the acts of one individual.

None of this has anything to do with the performance of the business, or the important job you do every day for our readers.

We have delivered growth in readership, market share and revenue and that work will continue. My plan has always been to grow content through multiple channels. That is how you build a globally relevant news source.

You may have read that our lender has taken the position that Nordstar’s initial debt agreement is in default. To be clear, I am not aware of any default as a result of the performance of the newspaper. Not even close. Regardless, I have taken steps to defend against any adverse consequences that could arise from any steps taken by our lender, as a consequence of Mr. Rivett’s actions.

Rest assured, I will continue to work around the clock to minimize disruption and ensure you only need to worry about your part in delivering the high-quality news that our audiences expect. Hang in, I look forward to speaking with each of you on the other side of this.

Jordan Bitove
Publisher