Supreme Court To Consider Cross-Media Ownership Rules (mediapost.com)

As part of its ongoing commitment to return value to shareholders, L Brands, Inc. announced that its Board of Directors has authorized a new $250 million share repurchase program, which includes $10.3 million remaining under its previous $250 million share repurchase program.

Lee Enterprises is on course with its digital transformation, judging by its Q4 and fiscal 2022 results. The publisher, which now bills itself as a digital-first subscription platform, reported total digital revenue of $65 million in Q4, a 31% increase YoY. In contrast, overall revenue was flat at $194 million. The results were similar for fiscal 2022: Total operating revenue was $781 million, down 2% from the prior year. But digital revenue grew by 27% to $240 million.

Torstar Corporationannounced that it has entered into an amendment to the arrangement agreement dated May 26, 2020 between Torstar and NordStar Capital LP, pursuant to which NordStar has agreed to acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar (the “Shares”) by way of a statutory plan of arrangement at an increased price of $0.74 per Share. The amended purchase price constitutes an increase of 17.5% from the $0.63 per Share payable under the original NordStar Agreement. The amendment to the NordStar Agreement results from discussions with NordStar following Torstar’s receipt of an unsolicited offer from a private investor group, pursuant to which such group proposed to acquire all of the issued and outstanding Shares for a combination of $0.72 per Share in cash and the issuance of one non-transferable contingent value right per Share, with payments (if any) on such right being based on proceeds of dispositions of, and distributions from, select Torstar non-core assets in certain circumstances following issuance.