Sept 19 Publisher Torstar Corp said on
Monday it had agreed to sell the land and buildings of the
former printing plant of the Toronto Star for about C$54.3
million ($41.3 million).
The publisher of Canada's biggest-circulation daily
newspaper did not disclose the buyers of the properties in
Torstar has been trying to cut costs as it struggles with
falling advertising revenue. It slashed its dividend twice this
year, outsourced printing of the Star, and killed the print
edition of a regional paper.
The company announced in January that it was closing the
Toronto Star's printing plant in Vaughan, saying it planned to
sell the 43-acre property.
The sale is expected to be completed late in the third
quarter or early in the fourth quarter of 2016, Torstar said.
($1 = 1.3158 Canadian dollars)
(Reporting by Richa Naidu in Bengaluru; Editing by Ted Kerr)