We have had several reports coming in last night suggesting there has been a big change at TorStar Digital, a division of publisher Torstar Corporation and home to a number of companies such as WagJag, Olive Media, and Workopolis. The reports suggest that the Torstar has shut down TorStar Digital, closed its King Street West office and laid off a number of senior level management. It now appears that the sub-companies will report into Star Media Group, including Olive Media, the company’s online advertising network. Chris Goodridge who we reported was appointed to President of TorStar Digital back in May 2012, has now become Vice President of New Ventures and John Cruickshank has taken over as head of Star Media Group. John was Publisher of Toronto Star previously. The company has also laid of a number of Vice Presidents including Jonathan Tafler who was Vice President of Corporate Development & Strategy and Jeff Sherman, Vice President of Business Solutions.
Changes like this are usually due to lower than expected revenues, but still quite surprising considering the growth that Torstar has seen with its digital properties over the last few years.
We will have more for you as details come in…
Update: The above changes have no had an impact on eyeReturn which is located north of TorStar Digital’s office, Workopolis which is located just west of the TorStar Digital office.
Update 2: The Torstar Digital office located on King Street West which is home to a number of the company’s digital brands such as Olive Media (a partnership between Gesca Media Sales & Torstar Digital will remain open. In total, 10 senior manager were impacted by this organizational re-alignment, 4 of which were VP’s. Olive Media, will shift to the Star Media Group, WagJag will be moved into Torstar’s Metroland operations, which include its community newspapers.