Shares in Torstar Corp. plunged after the company reported a larger-than-expected loss and suspended its quarterly dividend, setting in motion a mechanism that could shift the balance of power among the company's shareholders.
The media company reported on Wednesday a $40.9-million loss attributable to shareholders and an 11.6 per cent decline in third-quarter revenue.
The company's publicly traded B shares dropped to 53 cents — the lowest on public record that go back to the late 1990s — following Torstar's announcement, before rising to 60 cents in midday trading. (Bloomberg)
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