Canadian Press Completes Reorganization

On November 26, 2010, The Canadian Press (“CP”) announced the closing of a reorganization under which a new company, Canadian Press Enterprises Inc. (“CPE”), owned by 1836775 Ontario Limited (a subsidiary of CTVglobemedia Publishing Inc.), Square Victoria C.P. Holdings Inc. and Torstar Holdings Inc., has purchased all of CP's assets and assumed all of CP's liabilities. Terms of the deal were not disclosed.

CP was represented by Ogilvy Renault LLP with a team that comprised Mark Convery, Andrew Grossman, Andrea Brewer, Lucas Thacker (M&A); Karen Galpern (research); Adrienne Oliver and Ted Citrome (tax); Robert Percival (IT) and Marc Kestenberg (litigation).

CP was also represented by Stuart Robertson of O'Donnell, Robertson & Sanfilippo and Harvey Beresford, QC, Elizabeth Brown and Natasha Monkman (pensions and employment) of Hicks Morley Hamilton Stewart Storie LLP.

CPE was represented internally by Sue Gaudi, Vice President and General Counsel of CTVglobemedia Publishing Inc., Patrick Buchholz, Vice President, Legal Affairs and Assistant Secretary of Square Victoria Communications Group and Marie Beyette, Senior Vice President, General Counsel and Corporate Secretary of Torstar Corporation. CPE was represented externally by Torys LLP with a team that comprised David Seville, Huw Evans and Paulina Taneva (M&A); Wilfred Estey (research); James Welkoff and Catrina Card (tax); Eric Boehm (IT); Andrew Gray (litigation) and Mitch Frazer (pensions).