Torstar And Metro Buy Out CanWest's Stake In Two Canadian Free Papers

By: E&P Staff Torstar Corporation and Metro International S.A. said Thursday they have acquired the interest CanWest Media Works Publications held in the Metro Vancouver and Metro Ottaway free daily papers.

Torstar, publisher of Canada's largest daily, the Toronto Star, and Metro International, the Luxembourg-based publisher free papers globally, now each hold an approximate 50% stake in the papers, the companies said.

Jagoda Pike, president of Star Media Group and Chairman of the English Canada Metro newspapers, said the transaction permits a similar ownership structure in place in all five English-language Metro markets.

"The Metro newspapers will be managed with a single-minded focus on the development and growth of the Metro brand across English Canada," he said in a statement.

CanWest MediaWorks Publications President Dennis Skulsky said the chain, Canada's largest, had concluded the two papers "are no longer a strategic fit for our publishing group."


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