Sun Media to buy half of Toronto Chinese-language paper
Apr 07, 2008 03:55 PM
THE CANADIAN PRESS
The company that publishes the Toronto Sun and other daily newspapers across Canada has signed an agreement giving it the right to buy 50 per cent of Today Daily News, a Chinese-language daily newspaper in Toronto.
“This venture creates a strategic partnership with a well-respected newspaper in the Greater Toronto Area that will allow for synergies in distribution services, editorial content, advertising opportunities and promotion and marketing,” said Toronto Sun publisher Kin-Man Lee, who is also executive vice-president of Sun Media.
Today Daily News is a relative newcomer to Toronto’s competitive newspaper market, which has three other Chinese-language dailies in addition to the mainstream English-language daily newspapers.
It began publishing in November 2005, joining Ming Pao, World Journal, and Sing Tao, which is jointly owned by a Hong Kong company and Torstar Corp. (TSX: TS.B), publisher of the Toronto Star daily newspaper.
Herbert Moon, president of Today Daily News said in a statement that the partnership with Sun Media will enhance the growth potential of the Chinese-language daily and “offer better services to the Chinese community in the Greater Toronto Area.”
Terms of the agreement weren’t disclosed, but the companies said there are about 500,000 Chinese-speaking people live in the Greater Toronto Area.
Sun Media Corp. is a wholly owned subsidiary of Quebecor Media, part of the Quebecor group (TSX: QBR.B).
The Toronto Sun is one of four paid-circulation daily English-language papers in Toronto, which is considered one of the most competitive newspaper markets in North America. The city also has two free commuter publications.