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.
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G West
3 years ago
Furthermore
The New Republic has a long standing liberal and often left leaning tradition in the US. Its editorial approach has been independent and often Democratic and the Aspers had enough sense to leave it that way. Had they turned it into the pointlessly neo-con organ that most of the rest of the CanWest list has become there would likely be no point for anyone to purchase the magazine - let alone subsribe to it.
Good news that the boys sold it before they ran it into the ground.
Van Isle
3 years ago
The New Republic is probably
The New Republic is probably the only worthy asset that they have. Should be interesting what they paid for it and what they sold it for.
RossK
3 years ago
Even better news that....
...The Magnificent AsperSons didn't hold on to TNR until they sell their badly winged print arm* back to Lord Black now that he is no longer in the cross-hairs.....
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*at approximately 2.5 cents on the dollar (or some such thing - ha!).
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