Canwest Global Communications announced Monday that it's selling the US magazine The New Republic back to the man who sold it to them two years ago.

In a news release picked up by Poynter Online, Canwest quoted its president and CEO, Leonard Asper:

"The New Republic continues to be an American institution that continues to push the boundaries and stimulate national debate. However, it remains our only American asset and as such, we have determined it to be non-core to Canwest.

"This is part of our on-going efforts to improve our balance sheet as we continue through our process to reduce operating costs, restructure operations and improve efficiencies."

In a shorter version of the release published on the Canwest Global website, the company said:

Terms of the sale to a group of private investors which include Laurence Grafstein and Martin Peretz, the magazine’s long-time editor-in-chief, were not disclosed.

The sale has drawn some attention in the US blogosphere, notably The Politico.

Canwest closed in Toronto today at 30 cents a share, up 2.5 cents, and 3 cents up from its 52-week low of 27 cents. Its 52-week high was $5.50.

Crawford Kilian is a contributing editor of The Tyee.