Monday, March 09, 2009

CanWest sells its 75% stake in The New Republic to investor group

CanWest Global Communications Corp. ("Canwest" or the "Company") announced today that it has sold The New Republic to a group of private investors which include Laurence Grafstein and Martin Peretz, the magazine's long-time editor-in-chief. Terms of the sale were not disclosed. Grafstein is a TNR board member and, most importantly, someone with deep pockets. He was until recently a top executive at Lazard, the international asset-management firm. He has also written for the magazine.

Earlier reports were that the price for the magazine -- which consistently loses money, but is one of the oldest continually published in the U.S. (founded 98 years ago) -- might be in the range of $7 million.

CanWest is selling "non-core assets" in an attempt to meet the demands of its huge debt burden.

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