Gesca Ltd.

Gesca Ltd.
Bell Globemedia Inc.
TSX : BCE
NYSE : BCE

Bell Globemedia Inc.
Workopolis

Workopolis
Torstar Corporation
TSX : TS.B

Torstar Corporation

October 26, 2006 09:28 ET

Gesca and Torstar Purchase Bell Globemedia's Interest in Workopolis

MONTREAL, QUEBEC--(CCNMatthews - Oct. 26, 2006) - Gesca Ltd., a subsidiary of Power Corporation of Canada, and Torstar Corporation today announced that they have purchased Bell Globemedia Inc.'s forty percent (40%) interest in the Workopolis partnership (www.workopolis.com) and increased their respective interests to fifty percent (50%).

Prior to completing the transaction, each of Torstar (through its subsidiary Toronto Star Newspapers Limited) and Bell Globemedia Inc. (through its subsidiary The Globe and Mail) held a forty percent (40%) interest and Gesca held a twenty percent (20%) interest.

The transaction valued Workopolis at $300 million and included cash consideration of $115 million for Bell Globemedia's forty percent share (40%). Gesca contributed $86.25 million (three quarters) and Torstar $28.75 million (one quarter) to the cash component.

Workopolis is Canada's leading internet-based careers and recruitment business. It was formed by The Globe and Mail in 1998 as globecareers.com. When Torstar joined in 2000, the business was renamed Workopolis. Gesca, owner of Quebec's leading daily newspapers, joined Workopolis as a minority owner in 2002.

"Since our arrival as a partner, we have seen Workopolis rise from a start-up operation to a national leader in the on-line job search and recruiting sector," stated Gesca President Guy Crevier. "Our decision to increase our investment to fifty percent (50%) reflects our confidence in Workopolis' ability to further strengthen its position as the Canadian leader in its field. We are equally pleased to extend our strategic partnership with Torstar with whom we enjoy a productive working relationship."

"Building Workopolis has been Torstar's top digital priority " said Rob Prichard, President and CEO of Torstar. "Gesca's new investment validates the strategy we have followed in building Workopolis over the past six years into the valuable business it now represents. Torstar and Gesca are excellent partners to continue Workopolis' growth as we can draw on our market leading newspapers in both Ontario and Quebec to support the growth strategy."

"Bell Globemedia is proud of the Workopolis success story. The launch-pad eight years ago was The Globe and Mail's careers site, and I want to pay tribute to the foresight of the Globe team who helped to build such value," said Ivan Fecan, President and CEO of Bell Globemedia. "This transaction allows Bell Globemedia to realize that value, and concentrate on our core business. I am pleased that we were able to reach this mutually beneficial agreement with our partners Torstar and Gesca."

"At Workopolis we have enjoyed great encouragement from our owners. They have supported our business strategies and growth agenda, and contributed to our leadership in the Canadian online recruitment market," said Patrick Sullivan, President of Workopolis. "We know we will continue to enjoy the same support going forward from Gesca and Torstar and we look forward to The Globe and Mail's continued support of Workopolis through a marketing and distribution arrangement."

About Workopolis

Workopolis is Canada's leading provider of Internet recruiting and job search solutions offering a fully bilingual suite of award-winning applications, products and services to both large and small Canadian companies:

- workopolis.com™, Canada's biggest job site-with the most jobs, visitors and employers of any Canadian job site

- workopolisCampus.com, Canada's biggest job site for students and recent graduates

- CorporateWorks™, Canada's most implemented recruitment management solution using the tools that power workopolis.com to power corporate career sites

Workopolis is a unique and complementary partnership of two Canadian media companies, Toronto Star Newspapers Limited, a subsidiary of Torstar Corporation and Gesca Ltd., the newspaper publishing subsidiary of Power Corporation of Canada. Workopolis has offices in Vancouver, Calgary, Guelph, Toronto, Ottawa and Montreal.

About Gesca Ltd.

Gesca is a wholly owned subsidiary of Power Corporation of Canada (TSE: POW). As a media group it is engaged in the publication of seven daily newspapers, the French language national newspaper La Presse, Le Soleil, Le Droit, Le Nouvelliste, La Tribune, Le Quotidien and La Voix de l'Est. In addition, Gesca produces television programming and publishes several specialty magazines and books. Gesca, through its new division, Gesca Digital and it's subsidiaries, operates several Internet sites (cyberpresse.ca, LaPresseAffaires.com, Technaute.com, MonToit.ca and MonVolant.ca) and also owns a fifty percent interest in Workopolis, Canada's leading provider of Internet recruiting and job search solutions and is a partner in the online classified site LiveDeal.ca.

About Torstar Corporation

Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange: TS.B. Its businesses include Star Media Group led by the Toronto Star, Canada's largest daily newspaper; Metroland Media Group, publishers of daily and community newspapers in Ontario; digital properties including workopolis.com, toronto.com, Olive Canada Network and LiveDeal.ca; and Harlequin Enterprises, a leading global publisher of women's fiction.

About Bell Globemedia

Bell Globemedia is Canada's premier multi-media company with ownership interests in CTV Inc. and The Globe and Mail. CTV operates 21 conventional television stations across Canada and has interests in 17 specialty channels. Other Bell Globemedia investments include: a 15 percent interest in Maple Leaf Sports and Entertainment, which owns the Toronto Maple Leafs, Toronto Raptors and the Air Canada Centre; and a 50 percent interest in Dome Productions, a North American leader in the provision of mobile high definition production facilities.

Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements that reflect management's expectations regarding Workopolis' future growth, results of operations, performance and business prospects and opportunities as of the date of this release. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "intend", "would", "could", "if", "may" and similar expressions. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this press release. We do not intend, and disclaim any obligation to, update any forward-looking statements whether as a result of new information or otherwise.

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 such 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 targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to, general economic conditions in the principal markets in which Workopolis operates, revenues, Workopolis' ability to operate in highly competitive industries, Workopolis' ability to compete with other forms of media, and Workopolis' ability to attract advertisers. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. In addition, a number of assumptions including those assumptions specifically identified in this press release, were applied in making the forward-looking statements in this press release, some or all of which may be incorrect.

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