Canadian Magazine Industry News
9 March 2009,     WASHINGTON, D.C.
CanWest sells The New Republic to former owner
CanWest Global Communications Corp. has divested itself of a U.S.-based political magazine, having sold The New Republic back to a group of investors that includes former owner and editor-in-chief Martin Peretz and former Lazard top executive Laurence Grafstein. The sale price was not disclosed.

"This is part of our on-going efforts to improve our balance sheet as we continue through our process to reduce operating costs, restructure operations and improve efficiencies,” Canwest President and CEO Leonard Asper said in a statement.

The Winnipeg-based company bought a 30% stake in the magazine in 2006 and acquired the remaining assets 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. 
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