Torstar Corporation
TSX : TS.B

Torstar Corporation

April 17, 2008 09:00 ET

Torstar Announces Newspaper Division Restructuring

TORONTO, ONTARIO--(Marketwire - April 17, 2008) - Torstar Corporation (TSX:TS.B) today announces that its newspaper division has undertaken a restructuring involving a combination of voluntary and involuntary staff reductions which will result in a net reduction of approximately 160 positions. Torstar expects that the restructuring charge, which will be recorded in the first quarter, will be approximately $21 million. The savings associated with this initiative are expected to be in the range of $12 million annually.

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