Torstar sells digital marketing technology developed by subsidiary to Loblaw

TORONTO — Torstar Corp. says it has sold digital advertising technology developed by its subsidiary, Eyereturn Marketing Inc., to Loblaw Companies Ltd.

Financial terms of the agreement were not immediately available.

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Loblaw says the deal complements and strengthens Loblaw Media, its full-service digital marketing agency launched in 2019.

The grocery and drug store retailer says the new technology and expertise will help Loblaw Media connect brands and consumers online through targeted ad campaigns and promotions.

Loblaw says it will also will reduce the company's reliance on third-party media technology.

Loblaw has more than 1,050 grocery stores and nearly 1,400 Shoppers Drug Mart and Pharmaprix locations.

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Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal's La Presse.

This report by The Canadian Press was first published Nov. 26, 2020.

Companies in this story: (TSX:L)

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