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The fight for control of the company which publishes the Toronto Star is over.

In an announcement Thursday evening, Torstar said that finance industry veteran Paul Rivett will be stepping away and marketing executive and prominent philanthropist Jordan Bitove will take control of Torstar, including Metroland Media Group and the Toronto Star.

“Today, we are pleased to announce that we have agreed to an amicable resolution. As part of the settlement agreement, I will retain and run the legacy Torstar media and digital companies, effective today,” said Bitove in a joint statement. “I want to thank Paul, not only for his commitment, but his work over the past two years and I wish him and his family well. The work to build a stronger Torstar will continue and my commitment to quality, sustainable journalism remains absolute.

“It was my absolute pleasure to have been involved, even briefly, with the storied Star and Metroland organizations,” Rivett said. “Congratulations to Jordan for choosing to own the Star and Metroland. I wish the dedicated employees at the Star and Metroland good luck and every success in their future endeavours.”

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