Media company Torstar says it is paying $22.5 million to buy Performance Printing Ltd. of Smiths Falls, Ont.
Torstar said Monday the acquisition was made through its Metroland Media Group division, which publishes community papers mainly in the Toronto area.
The acquired company is a commercial printer and publisher of small newspapers and flyers in the Eastern Ontario communities of Kingston, Belleville, Brockville, Smiths Falls and Ottawa.
“The acquisition will allow Metroland, publisher of more than 100 newspapers primarily in the Greater Toronto Area, to extend its community newspaper and flyer distribution services to new communities in Eastern Ontario,” said David Holland, president and CEO of Torstar.
“The acquisition will also support Metroland’s extension of its growing suite of digital offerings.”
Monday’s deal is the second acquisition by Torstar in the last two business days.
Late Friday, the publisher announced it will pay $51.5 million to take nearly full control of the Canadian chain of Metro free daily newspapers, which are read by more than one million commuters each day.
The Toronto-based media group, which owns the Toronto Star, other dailies, community newspapers and the Harlequin book-publishing business, said it has raised its stake in Metro to 90%.
Torstar previously owned 50% of the chain, which was originally the Canadian version of an international group of free commuter newspapers.
The Metro operation is also known as Free Daily News Group. It had been jointly owned by Torstar and Metro International S.A., the Swedish company which operates free papers around the world.
Metro International will continue to hold a 10% stake in the English-language newspapers, Torstar said.
Torstar is one of Canada’s largest media companies, with about 6,600 employees and operations in newspapers, digital businesses and book publishing.
