Torstar Corp. co-owner Bitove makes ‘no apologies’ amid tension with business partner | CBC News

One of the co-owners of Torstar Corp. says he is making “no apologies” for the way he runs the newspaper business after his business partner filed for a court order to wind up its parent company.

Nordstar Capital Inc. co-owner Jordan Bitove says in a statement that he has worked to make the company resilient, more accountable and more competitive.

Bitove says he has focused on building a product centred on the trusted journalism that readers demand, while using that demand to build a sustainable business.

The statement comes after Bitove’s business partner Paul Rivett described an erosion of the partners’ relationship in a filing to the Ontario Superior Court of Justice earlier this month and called for an asset sale to wind up the company.

In the court filing, Rivett claims Bitove changed his mind about previously agreed upon plans, failed to provide a budget at the Toronto Star, which he oversees as publisher, ignored proper corporate governance and disregarded his responsibilities to Torstar and Nordstar.

Rivett did not immediately respond to a request for comment on Friday, and the claims have not yet been tested in court.

Rivett has asked the court to appoint PricewaterhouseCoopers to manage an asset sale to resolve the “impasse” between the two parties and says dissolving Nordstar is the only way to create a clear path forward for the companies under its umbrella, which also include Metroland Media Group and NorthStar Gaming Inc.

In 2020, Nordstar acquired Torstar, taking the company private, including the Toronto Star and various local news outlets it operates in other cities.Prior to the deal closing, Nordstar upped its bid for Torstar from $52 million to $60 million in response to a rival offer for the media conglomerate.

The purchase was financed by a loan from investment firm Canso Investment Counsel Ltd.

Rivett was previously president at Fairfax Financial before joining up with Bitove, who is known for helping launch the Toronto Raptors basketball team and was part of the ownership consortium that built the SkyDome, now the Rogers Centre.