Torstar Corp., which owns The Toronto Star newspaper, is losing about $1 million a week and in desperate need of a turnaround, said Paul Rivett, who co-owns the company.
Rivett made the comments at the premier of a new documentary about the history of The Toronto Star, which has been continuously published since 1892.
Rivett said Torstar needs to aggressively diversify its revenue streams through new offerings such as online gambling to stem losses of about $1 million per week.
Rivett’s comments come as he battles fellow Torstar co-owner Jordan Bitove over the company and its future.
Rivett and Bitove are in mediation aimed at ending their partnership in Nordstar Capital, an investment company that purchased Torstar in 2020 for $60 million.
In September, Rivett filed an application in Ontario Superior Court seeking a court order to wind up the media company. In October, the two men agreed to move their dispute to meditation and arbitration.
Bitove, who is publisher of The Toronto Star, continues to emphasize the importance of the newspaper as a civic institution.
Rivett has said that it is important for Torstar to improve search engine optimization and its online content. He has also said that for a news organization such as The Toronto Star to succeed, there needs to be more collaboration between the sales and news sides of the business.
