National Post boss Paul Godfrey's group buys Canwest newspapers, including Vancouver Sun and Province
A group of bondholders fronted by the president and CEO of the National Post, Paul Godfrey, has bought the newspaper chain owned by Canwest Global Communications Corp.
Godfrey was a long-time Canwest director when the Asper family controlled the parent company before it went into bankruptcy protection. Godfrey is also a former CEO of Sun Media Corp., which he left in 2000 after it was taken over by Quebecor Inc.
The senior creditors concluded that the Godfrey group's bid of $1.1 billion, which included a $950-million cash component, was superior to that of Torstar, which owns the Toronto Star.
Victoria-based publisher David Black and former Canwest CEO Leonard Asper had also expressed an interest in purchasing the chain of newspapers.
Godfrey becomes the new CEO of the company, which has been called Canwest LP in the past.
It owns the Vancouver Sun, Province, Victoria Times-Colonist, Calgary Herald, Edmonton Journal, Ottawa Citizen, Montreal Gazette, Windsor Star, Saskatoon Star-Phoenix, and the Regina Leader-Post.
In addition, the company owns numerous community papers in Metro Vancouver, including the Vancouver Courier, North Shore News, Now newspapers, Richmond News, Delta Optimist, and Langley Advance.
Meanwhile on May 3, Shaw Communications Inc. announced a $2-billion deal to buy Canwest's broadcasting assets, which include the Global Television Network.
Comments
6 Comments
trout
May 10, 2010 at 10:28pm
Terribly depressing news.
One had hoped that a TorStar buyout would actually re-connect Canadians with their own media.
Don't look for sliding readership numbers to improve if all that's on offer is more of the same.
glen p robbins
May 11, 2010 at 11:43am
For me, and for the benefit of my fellow British Columbians -- the head office post acquisition--not just an office--needs to be located in British Columbia--otherwise--unless there is a miracle turnaround in editorial attitude--this group will go broke and fairly quickly.
I guarantee it.
shepsil
May 12, 2010 at 12:02am
With the damage that CanWest papers have done to our democracy in Canada, and more specifically BC. I will be actively criticizing these publications whenever the opportunity arises. But more to the point, CanWest papers should be easily dethroned by their own poor journalistic standards and partisan editorials that only support a "for profit only capitalist" ethic.
Thorstar
May 12, 2010 at 1:04am
Maybe now Victoria Times Colonist will fire Justine Hunter - the anti-Canadian prejudiced writer and anti-clean energy columnist?
Thure
May 21, 2010 at 12:33pm
So...the Vancouver Sun & Province, former CanWest newspapers are now owned by the CEO of the National Post which in turn is owned by...CanWest???? hmmmm
Carol Paterson
Jul 19, 2010 at 9:54am
Mr. Godfrey and group are also closing down College Printers and laying off nearly one hundred people including my 51 year old son who has worked there as a pressman since he was 22.