Chinese link

Sun Media is buying into another Toronto newspaper - the Chinese-language Toronto Daily News, the corporation announced today.

A Marketwire press release says Sun Media and Toronto Daily News have inked a deal that allows Sun Media to buy 50% interest in the newspaper, "subject to certain terms and conditions of closing."

Toronto Daily News, launched in 2005, caters to the estimated 500,000 Chinese-speaking people living in the GTA.

"The profile and growth of the Chinese community in the Greater Toronto Area is impressive," says Kin-Man Lee, Sun Media's executive vp and Toronto Sun publisher. "The partnership with Today Daily News helps us become a larger part of that community."

Lee also says the deal will also allow for "synergies in distribution services, editorial content, advertising opportunities and promotion and marketing."

Multicultural media holdings. An interesting concept.