The Hook

The Hook Blog

Political News. Freshly caught. A Tyee Blog

Media

Canwest sells Score Media holdings

By Crawford Kilian April 9, 2009 07:00 am 5 comments

In a news release posted on its website, Canwest Global Communications announced it has sold its 16.6 million shares in Score Media for $6.6 million.

The proceeds will go to Canwest subsidiary CW Media. The release goes on to say:

On March 2, 2009 Canwest and CW Media sold 9.0 million Class A Shares at $0.40 per share by way of private placement with gross proceeds of $1.6 million going to Canwest and $2.0 million to CW Media. CW Media intends to now convert its outstanding 4,434 Special Voting Shares of SMI into Class A Shares and sell them in the open market.

Canwest Global and its senior lenders agreed earlier this week to a two-week extension of a waiver of certain borrowing conditions, giving it "sufficient liquidity to continue to operate normally through the period."

Crawford Kilian is a contributing editor of The Tyee.

Filed in

5 Comments:

Login or register to post comments

  • Grumpy

    3 years ago

    What is....................

    ..................Score Media? What do they publish?

  • Van Isle

    3 years ago

    Is this shuffeling the

    Is this shuffeling the deck-chairs on the Titanic. Just waiting now for the rats to leave the sinking ship.

  • Frank

    3 years ago

    Score media

    I believe that's "The Score" channel.

    A lousy $6 million won't keep Can-West afloat but clearly they're refusing to sell assets that others might pay for because they think Harper will protect them from the nasty bondholders.

  • G West

    3 years ago

    Grumpy

    It's a pretty insipid all sports talking heads channel - fairly high up on the dial I believe. Not all that different from Rogers Sportsnet.

    If it went away tomorrow it wouldn't be missed.

    BTW Frank, there's a strong rumour that Pee Wee is considering bailing out Can West and some other private broadcasters in a way he certainly wouldn't consider for the CBC.

  • Frank

    3 years ago

    G

    I'm sure Flaherty and Harper would love to bail out CanWest using some "stimulus" money. They just have to figure out how to do it in a way that Iggy will support it or in a way they don't have to have a vote on it.

    • No best comments selected by an editor for this story yet. To see all comments, click the All Comments tab, above.
    • The discussion for this story is closed. No more comments can be added.
    Search The Tyee
    Register to comment

    Democratic Trust

    About The Hook

    As British Columbia and other jurisdictions consider allowing online voting, can it be made secure enough that people will trust it? Will it encourage more people to vote? But if something goes wrong, will it further erode people's confidence in their democracies? And what role is the media likely to play in shaping the debate?

    These are among the issues to be considered at a May 26 discussion that Fair Voting BC and PartyX are hosting at The Hive in Vancouver. I'll be on the panel, along with UBC Law's Fathima Cader and SFU computer scientist Steve Wolfman. The results and recommendations are to inform the two organizations' public positions on online voting.

    Meanwhile join me and other contributors on The Hook as we bring you the latest from B.C. and across Canada.

    -- Andrew MacLeod