TORONTO Fairfax Financial Holdings Ltd (FFH.TO) said on Thursday it has purchased an additional 3.4 percent of Torstar Corp (TSb.TO), pushing its total holding in the Canadian newspaper company to 22.7 percent.
Fairfax, a Canadian insurer and investment firm run by well-known investor Prem Watsa, said in a statement the purchase of about 2.4 million Torstar shares at C$5.35 a share was for investment purposes.
Torstar owns the Toronto Star, Canada's largest daily newspaper by circulation, as well as other publishing assets. Its stock closed at C$5.51 on the Toronto Stock Exchange on Thursday.
Fairfax CEO Watsa has built a reputation as a shrewd contrarian investor by moves such as betting against the U.S. housing market in the last decade and reaping billions when the market collapsed.
Recently Fairfax has built a leading equity stake in struggling smartphone maker BlackBerry (BB.TO).
(Reporting by Cameron French; Editing by Peter Galloway)