Torstar to sell romance novel publisher Harlequin to News Corp

Fri May 2, 2014 7:16am EDT
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May 2 (Reuters) - Canadian newspaper publisher Torstar Corp said it would sell romance novel business Harlequin Enterprises Ltd to News Corp for C$455 million ($415 million) in cash.

News Corp will run Harlequin as a division of HarperCollins Publishers, Torstar said on Friday.

Torstar, owner of the Toronto Star, Canada's largest daily newspaper by circulation, said it would use a portion of the net proceeds to repay debt. ($1 = 1.0976 Canadian Dollars) (Reporting by Ashutosh Pandey in Bangalore; Editing by Don Sebastian)