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Torstar Announces Harlequin Restructuring

TORONTO, ONTARIO – October 3, 2006 – Torstar today announced that its subsidiary, Harlequin Enterprises Limited, has undertaken a restructuring which will result in a 4% reduction in its global workforce. Torstar expects that the restructuring charge will be approximately $2.5 million. The savings associated with this initiative are expected to be in the range of $3 million annually.

ABOUT TORSTAR CORPORATION

Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange: TS.B. Its businesses include newspapers 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 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: 2006-10-03

CURRENT ACTIVITY (TS.B)