Torstar Corporation Sale of Harlequin Enterprises Limited

TORONTO, ONTARIO--(Marketwired - July 21, 2014) - Torstar Corporation (TSX:TS.B) announced today that the regulatory clearances and approvals required in connection with the proposed sale of Harlequin Enterprises Limited to a division of HarperCollins Publishers L.L.C., a subsidiary of News Corp., have now been received and the parties anticipate closing the transaction on or about August 1, 2014.

ABOUT TORSTAR CORPORATION

Torstar Corporation is a broadly based media and book publishing company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada's largest daily newspaper, Free Daily News Group Inc., which publishes the English-language Metro newspapers in several Canadian cities, Metroland Media Group, publisher of community and daily newspapers in Ontario; and also include digital properties including thestar.com, Workopolis, wagjag.com, toronto.com, save.ca, Olive Media, and eyeReturn Marketing; and Harlequin, a leading global publisher of books for women.

Torstar's news releases are available on the Internet at www.torstar.com.

Forward-looking statements

This press release contains forward-looking statements about the proposed acquisition by HarperCollins Publishers L.L.C. of Harlequin Enterprises Limited, including, among others, forward looking statements about management's expectations regarding the expected timing of the transaction and satisfaction of closing conditions to the transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "expect" and similar expressions. All such statements are made pursuant to the "safe harbor" provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and performance, and speak only as of the date of this release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from the predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the expectations and intentions expressed in the forward-looking statements. These factors include but are not limited to the risk that the transaction may not close. In addition, a number of assumptions were applied in making the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, assumptions relating to the closing of the transaction and expected timing of closing. There is a risk that some or all of these assumptions may prove to be incorrect.

When relying on forward-looking statements to make decisions with respect to Torstar and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Torstar does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law.