‘So we pass the torch’

While it is far from easy, the time has come to pass the torch.

The torch, in this case, is control of the Toronto Star, Hamilton Spectator, Waterloo Region Record, St. Catharines Standard, three other dailies, some 70 weeklies and a host of digital and special investments.

Today, Toronto entrepreneurs Jordan Bitove and Paul Rivett have announced their intent to acquire the entire company.

As part of the deal, Bitove has committed to build on Torstar’s storied legacy and also to adhere to the Atkinson Principles, which have been a cornerstone of the flagship Toronto Star.

Our great spiritual founder Joseph Atkinson declared ownership of newspapers in his will as a “sacred trust.” And the five families — the Atkinsons, Hindmarshs, Campbells, Thalls and Honderichs — are immensely proud of our tradition of editorial excellence and long-time financial success.

We salute, without hesitation, the huge contribution of thousands of employees who have worked over the years to make Torstar so great.

However, we have also come to realize that for Torstar to succeed now, it requires new ownership with both resources

and determination.

Jordan Bitove and Paul Rivett bring precisely that. Jordan Bitove once had a Star paper route and says “I have always been a follower of the paper.” His family brought both the World Championship of Basketball and the Raptors to the city. His brother John led Toronto’s 2008 Olympic bid. Paul Rivett recently stepped down as president of the immensely successful Fairfax Financial Holdings Ltd.

No one disputes that the business model for newspapers has come under immense pressure. In this new digital era, with Facebook and Google taking the lion’s share of all digital advertising, media outlets have been going under across North America. The COVID-19 crisis has made the situation even worse.

Torstar is far from immune from these pressures. We have tried to innovate and adopt new strategies to succeed in this new world.

But quite frankly, it has been an uphill struggle. Nor will the promised federal government assistance significantly alter the equation.

We know what a vital role that newspapers play in our democracy, particularly in times of crisis, which underscores the need for new ownership.

So we pass the torch — and in so doing we want to thank all our readers, suppliers, advertisers and customers who have been so loyal. We will remain forever grateful.