So the National Post will survive to fight another day. Paul Godfrey will be heading the group that takes over the CanWest papers. I had been very afraid of a red star takeover. This is the best possible news.
TORONTO — Canwest Global Communications Corp. has found a buyer for the country's largest newspaper chain, agreeing Monday to sell its publishing division to a group of its creditors led by National Post president and CEO Paul Godfrey for $1.1 billion.
A bid from the ad hoc committee of Canwest's unsecured bondholders has appointed Godfrey as the chief executive of the new company. The bid was selected after a months-long auction led by the publishing unit's senior creditors. The $1.1 billion purchase price, which includes $950 million in cash, trumps a competing offer from newspaper rival Torstar Corp.
In a statement, Canwest said the new ownership group plans to "maintain all existing newspaper operations" across the chain, which includes the National Post, the flagship national newspaper of group and storied metro dailies such as The Gazette in Montreal, Ottawa Citizen, Windsor Star, Saskatoon StarPhoenix, Regina Leader-Post, Edmonton Journal, Calgary Herald, Vancouver Sun, the Province in Vancouver, Victoria Times Colonist. It also includes several Internet properties and community newspapers. The proceeds from the sale will be used to pay off approximately $925 million in debt owed by Canwest Limited Partnership...