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Torstar Announces Newspaper Division Restructuring

TORONTO, ONTARIO – December 20, 2006 – Further to the formation of the Metroland Media Group and the Star Media Group, Torstar today announces that its newspaper division has undertaken a combination of voluntary and involuntary restructurings which will result in a net reduction of approximately 85 positions. Torstar expects that the restructuring charge, which will be recorded in the fourth quarter, will be approximately $11.0 million. The savings associated with this initiative are expected to be in the range of $5.5 million annually.

ABOUT TORSTAR CORPORATION
Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange: TS.B. Its businesses include Star Media Group led by the Toronto Star, Canada’s largest daily newspaper; Metroland Media Group, publishers of daily and community newspapers in Ontario; digital properties including workopolis.com, toronto.com, Olive Canada Network and LiveDeal.ca; and Harlequin Enterprises, a leading global publisher of women’s fiction.

For more information please contact:
D. Holland
Executive Vice-President and Chief Financial Officer
Torstar Corporation
(416) 869-4031

Published: 2006-12-20

CURRENT ACTIVITY (TS.B)