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Mirror owner has new investor
Black Press Ltd., the Canada-based owner of 95 newspapers, including the Federal Way Mirror, has sold a 19.3 percent share of its ownership to another Canadian company.
Torstar Corp., which is based in Toronto, Ontario, acquired the interest for $20 million.
David Black, chief executive officer of privately owned Black Press, said the infusion of equity from Torstar ÐÐ whose other holdings include the Toronto Sun, Canadas largest daily newspaper, 71 other newspapers and Harlequin Enterprises, publisher of womens fiction ÐÐ positions his company for growth.
Torstar is run by knowledgeable, passionate newspaper people with strong principles. One couldnt hope for better investors and partners, Black said.
Black Press provides a significant new market for Torstar, said Rob Prichard, Torstars president.
David Black began his newspaper career with Torstar. He left in 1975 to purchase his fathers newspaper in British Columbia and now owns newspapers and 11 printing plants in western Canada, Washington and Hawaii.
The Mirror is part of Sound Publishing, a Black Press subsidiary that operates 17 newspapers in the Puget Sound region.