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Canwest hits 6.5 cents; will Fox buy it?

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.

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