RE:RE:RE:RE:RE:Harlequin SaleIn 9 months revenues are up 1% and the EBITDA increased primarily due to the mix of titles. I don't see any attribution to Harlequin and Harlequin generated more than $100 million in EBITDA before they sold it with half the earnings. I don't know if book publishing is a growing business (I have my doubts) and the mistake was not selling it earlier when it was worth considerably more. They compounded the mistake by purchasing a non-cashing producing asset in VerticalScope and locking up the investment for 5 years. Time will tell on the wisdom of this investment, but to date it appears to be holding up well.
Prem Watsa is a billionaire and a Torstar shareholder. Rupert Murdoch is indeed a billionaire but didn't make his billions at HarperCollins. Both men own big interests in newspaper companies and hopefully Mr. Watsa will do a better job of looking after the interests of Torstar shareholders than the current gang of misfits.