TORONTO, Feb. 3, 2020 /CNW/ - Torstar Corporation announced today that it has an agreement to sell the land and building used by the Hamilton Spectator at 44 Frid Street in Hamilton, for a purchase price of $25,500,000. The agreement is subject to customary closing conditions and adjustments. Torstar anticipates that the sale will be completed in the first quarter of 2020.
ABOUT TORSTAR CORPORATION
Torstar Corporation is a broadly-based media company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Toronto Star, Canada's largest daily newspaper, six regional daily newspapers in Ontario including The Hamilton Spectator, and more than 80 weekly community newspapers in Ontario; flyer distribution services: and digital properties including thestar.com (with local editions in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Ottawa and Halifax), wheels.ca, toronto.com, save.ca, a number of regional online sites and eyeReturn Marketing. It also holds a majority interest in VerticalScope, a North American vertically-focused digital media company.
This press release contains forward-looking statements about the proposed sale of the land and building in Hamilton, including, among others, forward-looking statements about management's expectations regarding the anticipated timing of the transaction, and satisfaction of closing conditions for the transaction. 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 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 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: the ultimate outcome of the transaction, including the risks that one or more of the conditions to closing of the transaction may not be satisfied, the transaction could be modified or restructured or the transaction may not close. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results.
When relying on our 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.
For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar's amended 2018 Management's Discussion & Analysis, and the Management's Discussion and Analysis for the three and nine months ended September 30, 2019, which have been filed on www.sedar.com and are available on Torstar's corporate website www.torstar.com.
Torstar's news releases are available on the Internet at www.torstar.com.
SOURCE Torstar Corporation
For further information: Lorenzo DeMarchi at (416) 869-4776