Torstar Corporation
TSX : TS.B

Torstar Corporation

January 16, 2008 16:34 ET

Torstar Announces Sales Relationship and Letter of Intent With IdeaCast, Inc. Regarding Transit Television Network

TORONTO, ONTARIO--(Marketwire - Jan. 16, 2008) - Torstar Corporation (TSX:TS.B) today announced that Transit Television Network (Transit TV) has entered into a strategic sales relationship with IdeaCast, Inc., a US provider of custom television content and advertising to health clubs. Effective immediately, IdeaCast will represent the Transit TV advertising inventory to IdeaCast's advertising clients. In addition, Torstar has entered into a letter of intent which gives IdeaCast an option to acquire Transit Television Network in the second quarter of 2008 in exchange for Torstar acquiring shares in IdeaCast.

Robert Prichard, President and Chief Executive Officer Torstar Corporation, stated "our agreement with IdeaCast advances many of the objectives we set for the strategic review we initiated in 2007. The IdeaCast relationship provides Transit TV with access to an experienced and highly respected digital advertising sales team, it allows Transit TV to reduce its operating expenses, and it provides Torstar with the potential to participate more broadly in one of the fastest growing segments in media today: digital out-of-home advertising".

For additional information please refer to IdeaCast's announcement available at www.ideacast.net/press.html.

ABOUT TORSTAR CORPORATION

Torstar Corporation is a broadly based media 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, and digital properties including thestar.com, Toronto.com, LiveDeal.ca, Workopolis and Olive Canada Network; Metroland Media Group, publishers of community and daily newspapers in Ontario; and Harlequin Enterprises, a leading global publisher of women's fiction.

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

Contact Information

  • Torstar Corporation
    D. Holland
    Executive Vice-President and Chief Financial Officer
    (416) 869-4031
    Website: www.torstar.com