Torstar buys more of Multimedia Nova
The media powerhouse is doubling the size of its investment in the company that publishes a variety of multicultural properties in the Greater Toronto Area.
Torstar plans to buy a larger stake in Toronto-based Multimedia Nova, the multilingual, multicultural and multinational company behind publications such as the Spanish weekly Correo Canadiense, Montreal’s Italian paper Insieme and the Town Crier newspapers, which cover almost 300,000 households in Toronto.
Torstar will pay $236,253 (about $0.40 per share) to acquire 590,631 Class A subordinate voting shares in the company – bringing its total holdings in Multimedia Nova to 19.9% of that class of shares. Torstar reports it is making this move ‘for investment purposes.’ It now owns more than a million of the Class A shares.
Multimedia Nova’s publishing, printing and broadcasting interests include Diversity Media Services, NewsWest Printing & Distribution, World Television Network, and Multicom Media Services, which produces Canadian versions of Corriere Canadese and Tandem and also services the largest Italian newspaper in Rome, La Repubblica.
Torstar also owns Harlequin Enterprises, Metroland Media Group Star Media Group, led by the Toronto Star, and digital properties including thestar.com, toronto.com, Wheels.ca, Workopolis and Olive Canada Network.