Agreement reached between owners of Torstar

Prominent philanthropist Jordan Bitove will take control of Torstar, including Metroland Media Group and the Toronto Star, while finance industry veteran Paul Rivett will be stepping away from the organization it was announced Thursday.

About two months ago Rivett and his holding company filed a lawsuit to seek a court order to dissolve the partnership he and Bitove created to purchase Torstar in 2020.

“Today, we are pleased to announce that we have agreed to an amicable resolution. As part of the settlement agreement, I will retain and run the legacy Torstar media and digital companies, effective today,” said Bitove in a joint statement.