Torstar winds up year with red ink on bottom line

Article Abstract:

Torstar Corp, a Toronto, Ontario-based publisher, posted a loss of C$5.1 million, or C$0.07 a share, for 1998 from a profit of C$260 million, or C$3.33 a share, the previous year. Income from continuing operations slightly increased to C$93 million, or C$1.23 a share, from C$92.97 million, or C$1.19 a share, in 1997, thanks to the sale of the company's troublesome children's publishing unit. Annual operating revenue, meanwhile, rose to C$1.3 billion in 1998 from C$1.2 billion a year ago.

Canada, Sales, profits & dividends, Newspaper Publishers, Newspapers, Torstar Corp.

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Torstar sells children's book publishing unit

Article Abstract:

Torstar Corp is selling Troll Communications to investment company Willis Stein and Partners LP in a $70 million agreement. Children's book publisher Troll was a C$192 million, 1997 acquisition of Torstar, which will get a $100 million writedown for the fourth quarter ended Dec 31, 1998 for the divested division. The sale dropped Torstar stock by 25 cents to close at $15.50 on the Toronto Stock Exchange on Feb 22, 1999.

United States, Asset sales & divestitures, Acquisitions & mergers, Publishing, Publishing Industries, Open-End Investment Funds, Investment Funds & Trusts, Book Publishers, Juvenile Books, Publishing industry, Children's books, Troll Communications L.L.C., Willis Stein and Partners LP

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