The president of McClelland & Stewart, donates 75 percent of the company’s shares to the University of Toronto. He says he made the extraordinary donation in order to avoid a sale that would see the legendary publishing house – one of Canada’s largest publishers – broken up into smaller pieces. – CBC
- AN ASTONISHING THING TO DO: Gift has “astonished, befuddled and ultimately impressed the Canadian publishing community.” – National Post (Canada)
- MANEUVERING BEHIND THE GIFT: For years, regulations have made it legally impossible for a foreign firm to buy majority control of a Canadian-owned publishing company. The theory is that Canadian culture flourishes best in institutions owned by Canadians, and M&S has been the spectacular proof: Many foreign firms operate here, but not one of them has ever approached the contribution of M&S to Canadian literature. The new arrangement does not violate the rules, but it uniquely allows Random House to play a part in the company’s future. That opens the deal to criticism that it violates the spirit though not the letter of the regulations. – National Post (Canada)