Agreement reached on Torstar corporate battle

The Globe and Mail is reporting Jordan Bitove will end up owning the Toronto Star and Metroland Media Group, inclusing the Hamilton Spectator and Hamilton Community News. This, according to two sources familiar with the matter.

The agreement will split up the assets of NordStar Capital, a which Bitove and Paul Rivett formed to purchase Torstar Corp for $60-million.

The two owners fell out over business plans and became deadlocked. In September, Mr. Rivett went to court seeking to wind up NordStar. One of the disagreements centred on cost-cutting. According to the application, the pair agreed on a number of measures to reduce costs at NordStar’s newspaper assets. But Mr. Bitove, who also serves as publisher of the Toronto Star, later refused to carry out the plans at the newspaper.