CanWest Global Communications is negotiating a sale of The New Republic magazine with former owner and current editor-in-chief Martin Peretz, according to a story in Folio:.

The Winnipeg-based company bought a 30% stake in the magazine in 2006 and acquired full ownership in early 2007.

CanWest, as has been widely reported, is struggling to repay a debt of roughly $92 million. Its creditors have given the company until March 11 "to continue shopping its assets around and finalize any sales or financings in the pipeline," according to a story in the Canadian Press. CanWest will likely seek to extend that deadline, the story says.