Torstar Corporation announces Hebdo Mag International Inc. new purchase

Business Wire, Dec 30, 1996

TORONTO--(BUSINESS WIRE)--Dec. 30, 1996--Torstar Corporation (TSE, ME:TS.B.)(OTC Bulletin Board:TORSF.) Torstar Corporation announced today that Hebdo Mag International Inc. completed the purchase of controlling interests in the dominant classified advertising publications in Italy, Russia, Holland, the Italian part of Switzerland and a small interest in the dominant free ad publisher in the United Kingdom and Ireland.

With the acquisition of these free ad papers in the six countries, Hebdo Mag has become the largest free ad publisher and the largest classified advertising periodical company in the world in terms of number of publications, distribution and geographic coverage.

The largest of the publications are Secondamano in Northern Italy and the Russian publication Is Ruk Vruki. Secondamano publishes 18 editions, mainly in Milan and Turin and has annual sales of 8 million copies. Is Ruk Vruki has 30 editions throughout Russia and the Commonwealth of Independent States, including a daily Moscow publication with annual sales of 21 million copies.

The revenues from this $75 million acquisition will increase Hebdo Mag's annual revenues to approximately $230 million. Torstar has a 57 percent interest (50 percent voting interest) in Hebdo Mag International Inc., which now publishes classified advertising magazines and papers in 15 countries throughout North America, Europe and Asia.

Torstar Corporation is a broadly based information and entertainment communications company. Its operations include The Toronto Star, Canada's largest daily newspaper; Metroland Printing, Publishing & Distributing, publishers of community newspapers and distributors of advertising materials; Harlequin Enterprises, the world's largest publisher of series romance fiction; Miles Kimball, direct mail catalogue marketers of home and gift items; Frank Schaffer Publications, a leading publisher of children's supplementary educational products; Tom Snyder Productions Inc., a leading publisher of educational software, CD-ROM, videodisc, videotape and print materials for the school market; and a 57 percent interest (50 percent voting interest) in Hebdo Mag., a publisher of classified advertising magazines and papers in North America, Europe and Asia.

CONTACT: Torstar Corp., Toronto

R. J. Steacy, 416/869-4031