NordStar Capital owner seeks to dissolve company over feud

NordStar Capital is the controlling company of Torstar and the Toronto Star newspaper.

NordStar Capital, the controlling company of Torstar and the Toronto Star newspaper, may soon be dissolved after co-owner Paul Rivett sought a court order to wind up the company. The move comes after a breakdown in his relationship with partner Jordan Bitove with whom he shares 50-50 ownership.

Rivett already filed an application with the Ontario Superior Court of Justice on Sept. 1 where he stated that Bitove thwarted plans they had both agreed to and tried to sideline him. The application further states that there is a “complete deadlock between Rivett and Bitove” making it impossible for the two to work together.

Rivett has asked the court to appoint PricewaterhouseCoopers as the requested officer to manage an asset sale of NordStar’s companies. NordStar currently also controls the Hamilton Spectator, Metroland Media Group, a delivery service, news site iPolitics, and online casino and sportsbook NorthStar Gaming.

Meanwhile, Unifor, the union representing Toronto Star employees, stated that it was “disheartened” that news of the court application came from a media outlet, rather than the employer.

“Today’s unexpected news was completely disrespectful to the hard-working Toronto Star staff who felt blindsided by this information – or rather, lack-of,” said Unifor’s national president Lana Payne. “Journalists and media workers often put their lives on the line to provide fact-based reporting to the public and they deserve better.”

The news was revealed through a Globe and Mail story. NordStar acquired Torstar in 2020.