Aspers negotiating sale of CanWest stake in The New Republic

[This post has been updated] The Aspers are considering selling back their majority ownership of the U.S. magazine The New Republic, as they try to divest "non-core assets" in the face of serious financial problems. CanWest Global Media Inc. (a subsidiary of CanWest Media Works International) bought a 25% stake in the 98-year-old Washington-based magazine in January 2006, then an additional 50% in February 2007. The remainder of the magazine was owned by editor-in-chief Martin Peretz.

According to a story in Folio: Peretz, who has had part-ownership of the magazine for more than 30 years, is now in negotiations to reacquire the assets, although it is not clear whether he is doing it alone or in collaboration with other investors.

[UPDATE] There is a post in the Daily Beast by Paul Waldman about the value of the magazine; it says that the price may be in the range of $7 million, which is a license to lose about $1 million a year.