The University of Toronto relinquished its 75 per cent stake in McClelland & Stewart Publishing (M & S) to Random House of Canada Limited (RHC) Tuesday.
RHC previously controlled 25 per cent of the major Canadian publishing house, which was established in 1906 and has become a Canadian publishing staple, housing such as notable authors as Margaret Atwood, Leonard Cohen, and Michael Ondaatje.
The new acquisition, said Brad Martin, RHC’s CEO and president, will “ensure the growth” and “long-term stability” of M & S during these hard economic times.
The 75 per cent share of M & S was donated to U of T in 2000 by Avie Bennett, the previous sole owner, who then sold RHC the remaining 25 per cent share.
“The commitments they have made to upholding the tradition of M & S and the ongoing focus on Canadian publishing assures me that M & S is in good hands,” said Bennett in a press release.
With files from CTV.
