Torstar Corporation
TSX : TS.B

Torstar Corporation

December 20, 2006 09:09 ET

Torstar Announces Newspaper Division Restructuring

TORONTO, ONTARIO--(CCNMatthews - Dec. 20, 2006) - Torstar Corporation (TSX:TS.B) -

Further to the formation of the Metroland Media Group and the Star Media Group, Torstar today announces that its newspaper division has undertaken a combination of voluntary and involuntary restructurings which will result in a net reduction of approximately 85 positions. Torstar expects that the restructuring charge, which will be recorded in the fourth quarter, will be approximately $11.0 million. The savings associated with this initiative are expected to be in the range of $5.5 million annually.

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.

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