One of Toronto's free dailies is revamping itself as a weekly under new owners.

Tonight, formerly known as T.O. Tonight, makes the leap from a five-day schedule to publishing only on Thursday starting this week.

The move comes as trade publication company Annex Business Media acquires the newspaper for an undisclosed amount.

Annex president and CEO Mike Fredericks said Tonight will publish once a week, but that talks are ongoing about moving to a more frequent twice-a-week format.

Fredericks, who previously owned 10 per cent of the newspaper, now has full ownership through Annex.

Tonight has faced heated competition from the Internet and other free dailies in Toronto, which include Metro and 24 Hours. Fredericks says the costs of daily distribution outweighed the size of the market.

As part of the changes, the newspaper is cutting three jobs, its editor, a sales representative and one of the founders.