Canwest Global Communications closed on Thursday at 6.5 cents a share, raising questions about the future of Canada's onetime media giant.
On Wednesday, Canwest stock had closed at 14 cents. According to a columnist in the Globe and Mail, that gave the company an equity value of just $28 million.
The stock opened Thursday at 13 cents, its 52-week low. (Its 52-week high had been $3.07.) It fell as low as 5.5 cents before gaining a cent at the closing.
Response so far has been muted. In Thursday's Winnipeg Free Press, Martin Cash argued that Canwest can still make a little money, and since TV and newspapers are in a tailspin, no one would want to buy Canwest's resources anyway.
Another observer saw an opportunity for Fox News to move into Canada. Jack's Newswatch ("News, disjointed views, and Sarah for President in 2012"), cited Pierre Bourque's coverage and then wrote:
Many visitors that come here to read the entries on this site comment about their desire to see a news outlet like Fox News in Canada and the thought which has often run through my mind (because I am not entirely oblivious to the trials and tribulations of Canwest) is that Fox News should try to secure a controlling interest in the company if they can't buy it outright and in the process change the entire political picture up here in the great white north.
I don't know whether it would be permitted but I leave it for readers to kick around. My feeling is that it would be a hugely popular move in Conservative circles. So much so that it just might blow CTV and CBC right out of the water (not to mention the Star and the Globe).
I'll leave the idea for more knowledgable minds to think and comment about but my gut reaction to Pierre's links is that it’s far past time Canadians began to consider the concept as we continue to be held hostage in our own land by a left leaning media for far to long. A change would be nice and Canwest Global is really cheap right now — a real bargain.
As of late Thursday afternoon, Canwest's own website had not been updated since Tuesday.
Crawford Kilian is a contributing editor of The Tyee.
Brings a smile........
To my face,28 million in equity,I guess the Aspers are drinking no-name beer now.
A penny stock,ha ha,who will they lay off first,Les Leyne? Smyth?Palmer?
I`m sure Bill Tieleman would work cheap,lol......
Cheers
Great
If Fox buys they go from a do nothing rag to a bullshit rag.
From Canwest to Fox News
That's like jumping straight from the frying pan right into the fire.
Boy are we going to get burnt.
fire not
I would consider Fox taking over more akin to a complete nuclear meltdown, a tidal wave and a blizzard all at once, HH. Then again, can one get any worse than CanWest? The last Les Leyne article cheerleading for the BC Liberals desire for openness and accountability in their release of huge BC provincial corporation executive salary and bonus figures during the Micheal Jackson deathhold on all the news and commentary that should be printed. The Libs could just as easily released the info prior to the election.
Remember, Sharing is good.
Canwest is right wing like
Canwest is right wing like Fox, Global mostly simi subs fox shows, so I don't think people would even notice.
When news are controlled
When news are controlled from abroad, so are the contents, the ideology and propaganda they're pushing.
How much is left of Canada to be sold?
How about inviting the North American Competitiveness Council to take over the government as an "efficiency" measure ?
Ed Deak.
I Can Only Assume....
...That by adding the tagline to the 'Newswatch' site used for FOXNews speculation that Mr. Kilian was actually giggling as he did so.
After all, it is also a wafer-pocketing denial site.
Hilarious!
.
That's Publisher Tieleman to you!
I'm ready to take over any of the CanWest newspapers as publisher, not columnist!
I Think Mr. T's On To Something...
...Because what just might work is a 'reverse media-consolidation' strategy where a consortium of small pocket types (maybe even current employees?) swoops in, buys the entire thing and then divides the spoils, thereby effectively busting the trust by generating independent outlets that don't have to make a million gazillion dollars a year to survive.
.
Bill
Where do I send my multiples of 6.5 cents?
Canwest Stock Price
The stock price up 50-70 percent today. Very odd for a stock that is virtually worthless.
Crawford, are you holding any Canwest shares?
Ok, don't take this post seriously. This has always been a "bull" board.
Penny stock gambling. Cheap bait.
Just having some fun.....
Bill Tieleman........
Make sure you you make some noise on monday about the toxic fudge budget/Spector won`t be there to push you around,only the rah rah liberal booster Bill Good.......
Who by the way,gave Campbell a 100% pass on the deficit today,he not only said,"What could any goverment have done"
And Baldrey(the apologist)and bill Good said.....
"well,nobody believed the budget numbers when they brought them in,in febuary,so it`s not like they really did anything wrong"
I of course was defending wild salmon`s right to live in BC,the right`s that Campbell has taken away.
So Mr.Tieleman,I will be very disappointed if you don`t hammer Campbell hard on monday,and,put Bill Good in his place.
Cheers from the Powell river persuader
Wow Powell River! How low have they gone!
We were quite sure they were lying in February. Now we know they lied and kept up the lie during the election as well so, lying is OK. Right Bill good? Right Baldrey? Have these media morons of Canwest no shame?
Re: Those Multiples....
Hey, GWest!
How many of my old BRIC shares will it take to buy one from CanWest?
.