Psssst … want to buy Canwest?
p2pnet news view P2P:- Want to buy a newspaper chain? Then look no further.
“CanWest Global Communications Corp. is hoping its national chain of big city daily newspapers, including the National Post, will attract offers worth at least $1 billion to $1.5 billion,” the Toronto Star has “sources” saying.
That’s roughly half what it paid Conrad Black’s Hollinger group in 2000 for the publications at the height of the media convergence boom, says the story.
Called CanWest LP, the division includes 10 metropolitan dailies such as the Vancouver Sun, Calgary Herald, Ottawa Citizen and Montreal Gazette, and 35 community and weekly papers, says the Globe and Mail, going on:
“It has been struggling under a $1.4-billion debt and is the second half of CanWest to seek court protection from creditors.
“In court, a lawyer for CanWest said the newspaper division could no longer pay its bills.”
The decision was against the wishes of CanWest boss Leonard Asper who believes assets could fetch a much higher price down the road, says the story.
..… and identi.ca
Toronto Star – Let bidding begin, CanWest creditors say, January 9, 2010
Globe and Mail – CanWest newspapers go on block despite CEO Asper’s objections, January 8, 2010
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