Harlequin Cuts Staff Following Drop in Profits

October 12, 2006
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MAIN NEWS HEADLINES
October 12 – October 26, 2006 Edition

Harlequin Cuts

Staff Following

Drop in Profits

TORONTO, ONTARIO/10/10/06—Torstar Corporation has announced its subsidiary, Harlequin Enterprises Limited, will cut 4% of its global workforce following step declines in profitability. Harlequin is a leading publisher of women’s fiction in Canada and the U.S.

The Harlequin restructuring, which presumably will take place before the end of the year, will eliminate about 40 jobs and is expected to save the company about $3 million annually.

Sales for the first half of 2006 dropped 6% and profits fell 47% during that period. Torstar will release its third quarter financial results on November 1, 2006. A conference call with stockholders and Robert Prichard, President and Chief Executive Officer of Torstar and David Holland, Executive Vice-President and Chief Financial Officer, is also scheduled that day. A live broadcast of the conference call will be available over the Internet at the News & Media Centre page on www.torstar.com

Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange: TS.B. Its businesses include newspapers led by the Toronto Star, Canada’s largest daily newspaper; Metroland

Media Group, publishers of daily and community newspapers in Ontario; digital properties including workopolis.com, toronto.com and LiveDeal.ca, as well as Harlequin Enterprises.

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