CanWest's stock price takes a beating

The share price of CanWest Global Communications Corp. has taken a precipitous dive this year.

This morning, the Canadian media giant's stock was trading at $2.18, down from its 52-week high of $9.98.

CanWest's shares closed at $18.55 on July 31, 2000, the day it closed a $3.2-billion purchase of Hollinger's 13 major Canadian newspapers, a half share in the National Post, and 126 community papers.

CanWest owns CanWest MediaWorks, which owns Pacific Newspaper Group, which in turn owns the Vancouver Sun and Province newspapers.

In January, 2007, CanWest announced a $2.3-billion purchase of Alliance Atlantis with financial assistance from U.S. investment bank Goldman Sachs & Co.

On the day the purchase was announced, CanWest shares closed at $10.63

On Friday (July 11), CanWest CEO Leonard Asper and other executives will hold a conference call with analysts to discuss the corporation's financial situation.

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Grumpy

Jul 9, 2008 at 4:11pm

Ah, could not have happened to a nicer outfit. I hope theri stock reaches the magic level of $00.00