TORONTO--The Toronto Star
has upped its bid for the Sun Media Group by $100 million in a deal now worth about $600 million. But Sun Media continues to vigorously defend itself from the Star
's hostile takeover, soliciting offers from other newspaper companies. So far, Southam of Toronto and Quebecor of Montreal have expressed interest, but no deals are yet on the table. If the Star
is successful in its bid to buy Sun Media, it will control 26% of average daily newspaper circulation in Canada. Sun Media owns The Toronto Sun
and sister tabloids in Ottawa, Edmonton and Calgary, along with dailies including The Hamilton Spectator
. The Toronto Star
is the largest circulation newspaper in Canada.
Copyright December 1998, Crain Communications Inc.