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The Global Canwest empire has agreed to sell dozens of its newspaper outlets in the Maritimes in return for a cash payment to help service its huge debt.
Canwest big boss Leonard Asper made the announcement yesterday, saying a deal is being finalized with the us-based GTC Transcontinental corporation to sell eight daily papers and a number of weeklies and shoppers for a cash price of two-hundred twenty-five million dollars.
The deal awaits the approval of the federal competition bureau.
The Global Canwest empire, which includes the Rogers and western international communications conglomerates and the Southam-Hollinger newspaper chain, has been servicing a ballooning debt caused by numerous acquisition purchases to create a media monopoly in Canada.
It is rumoured that the Aspers are looking to merge the Canwest empire with bell Canada, which owns several central Canada papers and the CTV network, and possibly the debt laden Shaw cable systems in order to consolidate their debt payments.
The Columbia Journal
P.O. Box 2633 MPO,
Vancouver, British Columbia,
Canada V6B 3W8
Phone: 604-266-6552 Fax: 604-267-3342