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Local newspaper calls $52M Torstar deal a 'good transaction'

After 70 years, Torstar is selling its newspapers to an investment company
File photo from The Canadian Press

Torstar, the owner of the Toronto Star and other community newspapers revealed on Tuesday evening that it reached a $52 million acquisition deal with NordStar Capital. 

Many community newspaper are a part of this deal - including the Waterloo Region Record. 

Jim Poling, editor-in-chief of the Waterloo Region Record said their priorities are still the same. 

"This certainly is significant news on the media landscape both for the country and locally in Waterloo Region, it's a change of ownership but it does not change our commitment to local storytelling and local journalism."

He said NordStar Capital is saying all the right things. 

"They talk about a commitment to journalism, they are talking about journalism and journalists, and I think that's a very important subtlety. They talk about trust and credability and they are talking about newspaper brands plural."

Poling believes the change of hands will be good for their paper. 

"I believe that bodes well for our community, and what the Record, the weekly newspaper and their websites are bringing our local readers."

Meantime, NordStar said they have no current plans to shutter papers or layoff staff. 

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