ETF News

CORRECTED-Torstar Corp looks to launch Ontario-based online casino business

(Corrects headline to remove reference to sports betting)

March 1 (Reuters) - Canadian media company Torstar Corp said it plans to launch an online casino betting brand this year, after the 2020 Ontario budget promised licenses to private operators to run businesses in the regulated online gaming market.

The company’s co-owner Paul Rivett said on Monday the move would help support the growth and expansion of quality community-based journalism.

Torstar began publishing newspapers in 1892 and is the publisher of the Toronto Star, Canada’s largest daily newspaper.

It also owns publications like the Hamilton Spectator and Niagra Falls Review, as well as more than 70 regional and community newspapers.

The company said the launch is pending approval from the Alcohol and Gaming Commission of Ontario.

Torstar was bought by investment firm NordStar Capital LP in August. (Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)