RE:RE:RE:new ceoThe main difference of Torstar compared to other listed newspaper companies is that the value is here, today. I think you don't need a visionary like Steve Jobs to quickly unlock the value, more important would be that Mr. Boynton has the power and authority (from the Voting trust and Honderich) to act in favor of all shareholders (also Class A shareholders) and make the intrinsic and true value of the company transparent to the market. That's the most important question that needs to be answered.
No question, the newspaper subsidiaries, Star Media and Metroland, could need more vision and drive towards the digital age (e.g. through synergistic digital acquisitions, perhaps financed by proceeds from the sale of other investments). But financially (from a value perspective) the newspaper side is currently the smaller part of Torstar. All other listed newspaper companies' value in Canada and the US continues to be dependent mainly on the newspaper market. It sounds crazy, but the tenure of Mr. Holland was bad from a visionary and stock price standpoint, but not necessarily from a financial standpoint. The secular decline of newspapers is a given for the last ten years, at least Torstar didn't engage in expensive M&A years ago, even if they should not have made some of their small investments - they simply have and had no venture capital know-how. Many newspaper corporations have high debts stemming from past newspaper acquisitions (e.g. McClatchy). Under Mr. Holland Torstar sold CTV Globemedia and Harlequin and, as a consequence, got debt-free and was able to buy a stake in a promising company called Verticalscope. Of course, Mr Holland was an admininistrator, but compared to other peer companies (e.g. Postmedia, Tronc and more) his performance was not exceptionally bad. Now is the time to prudently use the good financial standing and give the newspaper side a new strategic vision for the future. The interests of 3rd and 4th generation descendants in the Voting Trust are at least aligned with ours with respect to a rising dividend and a higher share price. What is the advantage of having less without other advantages?
I think at the AGM in early May there will at least be indicative statements of what can be expected.