TORSTAR CORP. $7.74 (www.torstar.com) is selling its Harlequin book-publishing subsidiary to News Corp. (Nasdaq symbol NWSA), the parent company of publishing firm HarperCollins. The company will receive $455 million, which is equal to 73% of its $623.4-million market cap. Torstar will put the proceeds toward its bank loans and other debt, which stood at $192.9 million on March 31, 2014.
Meanwhile, Torstar’s earnings in the first quarter of 2014 (including Harlequin) rose 70.2%, to $7.1 million, or $0.09 a share. It earned $4.2 million, or $0.05 a share a year earlier. The gain is entirely due to savings from an ongoing restructuring plan, mainly job cuts. Weak advertising sales at its newspapers reduced its overall revenue by 6.7%, to $292.4 million from $313.4 million.
Selling Harlequin means Torstar will focus entirely on its cyclical newspaper and Internet businesses. That adds risk. However, the cash from the sale will help it sustain its current dividend. Best Buy.
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