Torstar Announces Receipt of Proceeds Related to The Globe and Mail

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2011) - Torstar (TSX:TS.B) announced that it has received $40 million in connection with the previously announced acquisition by The Woodbridge Company Limited of a direct interest in The Globe and Mail. Following completion of the transaction, The Woodbridge Company Limited owns 85% of The Globe and Mail and BCE Inc. owns 15%. The transaction was completed on December 31, 2010. 

The sale of Torstar's 20% interest in CTVglobemedia Inc. remains subject to customary approvals and closing conditions, including approval by the Canadian Radio-television and Telecommunications Commission, and is expected to close by mid 2011.

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, Workopolis, Olive Media, and eyeReturn Marketing; Metroland Media Group, publishers of community and daily newspapers in Ontario; and Harlequin Enterprises, a leading global publisher of books for women.

Forward-looking statements

Certain statements in this press release and in Torstar's oral and written public communications may constitute forward-looking statements that reflect management's expectations regarding Torstar's future growth, results of operations, performance and business prospects and opportunities as of the date of this release. 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 operating performance, and speak only as of the date of this release. 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.

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 to not 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: closing conditions, termination rights, and other rights and uncertainties related to the timing and completion of the proposed transaction. We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar's 2009 Management's Discussion & Analysis which is available at www.sedar.com and on Torstar's corporate website ww.torstar.com. 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.

Torstar's news releases are available on the Internet at www.torstar.com.