Jordan Bitove to take ownership of the Toronto Star

The fight for control of the Toronto Star is over.

Sources say former partners Jordan Bitove and Paul Rivett are in the final steps of resolving the dispute and it will be Bitove who takes ownership of Torstar, including Metroland Media Group and the Toronto Star. Bitove will also retain a stake in VerticalScope Holdings.

Neither Bitove nor Rivett immediately responded to a request for comment.

The news comes just over two months after Rivett and his holding company Tevir Investments Inc., filed a lawsuit seeking a court order to dissolve NordStar Capital, the partnership created by Rivett and Bitove to purchase Torstar in 2020.

In the application, filed on Sept. 2, the relationship between Rivett, chairman and co-owner of Torstar, and Bitove, publisher of the Toronto Star and co-owner of Torstar, is described as “irrevocably impaired.”

“There is complete deadlock between Rivett and Bitove … They can no longer work together,” the application said.

Bitove and Rivett came together to buy Torstar in 2020, in a deal worth $60 million. They won out over a competing $58-million bid from Canadian Modern Media Holdings, a consortium including technology executive brothers Matthew and Tyler Proud, as well as Neil Selfe, a finance industry veteran.

Before teaming up with Bitove to buy Torstar, Rivett was president of Fairfax Financial. Bitove is a prominent philanthropist, marketing executive, and member of the Bitove family, which helped bring the NBA to Toronto.

In addition to publishing community and daily newspapers, including the Toronto Star, NordStar also controls a number of online properties, including NorthStar Bets, an online gambling company.

More to come


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