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  • Torstar (TS.B) has announced the sale of the land and building used by the Hamilton Spectator newspaper.
  • An undisclosed buyer bought the Frid Street property for $25.5 million.
  • The company expects the sale to be completed in the first quarter of 2020.
  • Torstar’s share price is up 12.5 per cent, with shares trading at $0.45 apiece.

Media company Torstar (TS.B) has announced their agreement to sell the land and building which houses Ontario’s Hamilton Spectator newspaper.

While the buyer’s identity has not been disclosed, the purchase price for the property on Frid Street was $25,500,000.

The agreement is still subject to customary closing conditions and adjustments, but should be completed within 2020’s first quarter.

This news comes less than a year after Torstar closed the company’s printing and mailroom operations in Hamilton, and cut 180 jobs.

Torstar owns a variety of media companies, including Canada’s largest daily newspaper The Toronto Star, 6 regional daily newspapers in Ontario, and over 80 weekly community newspapers in Ontario.

Torstar’s share price is up 12.5 per cent, with shares trading at $0.45 apiece.

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