Sun Media, which publishes the Toronto Sun and other daily newspapers across Canada, has signed an agreement giving it the right to buy 50% of Today Daily News, a Chinese-language daily newspaper in Toronto.
“This venture creates a strategic partnership with a well-respected newspaper in the Greater Toronto Area that will allow for synergies in distribution services, editorial content, advertising opportunities and promotion and marketing,” said Toronto Sun publisher Kin-Man Lee, who is also executive vice-president of Sun Media, a wholly owned subsidiary of Quebecor Media.
Today Daily News is a relative newcomer to Toronto’s competitive newspaper market, which has three other Chinese-language dailies in addition to the mainstream English-language daily newspapers.
It began publishing in November 2005, joining Ming Pao, World Journal, and Sing Tao, which is jointly owned by a Hong Kong company and Torstar Corp.
Herbert Moon, president of Today Daily News said in a statement that the partnership with Sun Media will enhance the growth potential of the Chinese-language daily and “offer better services to the Chinese community in the Greater Toronto Area.”
Terms of the agreement weren’t disclosed. The companies said that there are about 500,000 Chinese-speaking people live in the Greater Toronto Area.
