Torstar increases stake in multicultural newspaper firm

Torstar Corp., parent company of the Toronto Star, announced today it has increased its stake in Multimedia Nova Corp. to nearly 20%.

According to a press release, Torstar bought 590,631 Class A subordinate voting shares in the company for $236,253, which brings its total share ownership up to more than a million.

Multimedia Nova Corp. produces more than 25 publications (newspaper, online and specialty supplements) including  including the Italian daily Corriere Canadese, the Spanish weekly Correo Canadiense, the weekly Vaughan Today and the nine English monthlies that fall under the Town Crier banner.

Torstar currently publishes Canadian Immigrant, a monthly magazine and web portal.

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