Torstar has announced it is selling Harlequin, one of the world’s leading publishers of books for women, to News Corp. for $455 million in cash. Torstar first acquired control of Harlequin 38 years ago in 1975 and took full ownership of the publishing house in 1981. Harlequin will now become a division of HarperCollins, which is a subsidiary of News Corp.
“While making the decision to sell has been difficult, we are confident that this transaction represents excellent value for Torstar shareholders and it also further strengthens the financial position of Torstar,” said David Holland, President and Chief Executive Officer of Torstar Corp. in a news release.
