Torstar Corp. has sold its once-upon-a-time romance publisher to the News Corp. subsidiary HarperCollins. Once upon a time Harlequin was a spinner of cash that thickened the wallets of Star owners for decades. Then the great newspaper-publishing empire was sucker-punched by both the Internet revolution, followed in 2011 by the Kindle and Kobo earthquake. It was a commercial ambush that wiped out many companies in less time than it takes to get a baby into kindergarten. Few companies had so much to lose however as Torstar. The sale price of Harlequin, $455 million in cash, seems like a pittance compared to what it might have fetched ten years ago. “Harlequin has been an important part of Torstar over the past 39 years and we are very proud of the global success it has achieved,” said David Holland, President and Chief Executive Officer of Torstar Corp. in a news release. Torstar acquired control of Harlequin in 1975 and full ownership in 1981. “While making the decision to sell has been difficult, we are confident that this transaction represents excellent value for Torstar shareholders and it also further strengthens the financial position of Torstar,” Holland said. Some of the sale proceeds will be used to pay down debt. With Torstar news release
