Monday, May 10, 2010

Excellent News

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...


Anonymous said...

I work for a CanWest newspaper and I think every Canadian who isn't a leftist should be be doing CARTWHEELS tonight over the sale of our chain to Paul Godfrey & Co.

The leftoids are ready to slit their wrists over their loss, believe me. They knew they were THIS CLOSE to eliminating the last vestigial traces of conservative thought from Canadian print media, probably forever, and they could hardly wait.

Now their dream of domination is ashes. Tears in Torstar/CTV/Bell/Globe/CBCland. The last media outlets still not part of the Borg just escaped.

The Post is no hell these days, really, but it's the best we've got on our side. Torstar would have closed it, folding the Financial Post into its red rag as a sop to its readers. The Fraser Institute would never be quoted in print again, ever.

The handful of non-left columnists remaining from coast to coast -- Fulford, Gunter, Jonas, Yaffe once or twice a year -- would have slowly been moved to other assignments or "let go" in the case of freelancers, leaving only those who think Bob Rae and Iggy are Great Canadians.

The country just dodged a HUGE bullet. If you think they're bad now, you would have been horrified to see what the Red Star had in store for the Canwest papers. They were also planning a takeover of Canadian Press, to complete the hegemony. The Big City papers would have all become like Metroland advertiser rags, running day old Jim Travers columns.

I was wondering how the Harper government could even contemplate allowing such a concentration of media ownership in clearly partisan hands. But then, our current government isn't very conservative, is it?

At least we can keep discussing that fact in a couple of papers . . .

Anonymous said...

Too bad it means The Gazette and the Ottawa Citizen are saved. The Gazette especially has never had one good picture of Harper or one friendly word for the Conservative government, if you don't count L. Ian MacDonald the columnist (who often takes swipes at Harper just to show he is not totally beyond the pale).

Hoarfrost said...

I, for one, would happily pay a premium to keep the National Post on my porch every morning.

I Support Lord Black