CanWest puts community papers up for sale

CanWest Global has announced that it plans to shed itself of its community newspapers, saying it is part of a move to rid itself of 'non-core' assets.

CanWest Global Communications Corp., owner of 41 community newspapers in Canada (31 of which are CCNA members), has begun the formal process to sell its community newspapers and other assets.

The Financial Post has estimated that CanWest's community papers are expected to generate from $650 to $800 million in revenue for the media giant. CanWest CEO John Maguire told investors at a Scotia Capital media conference in Toronto that there has been a healthy response to the offer to sell its community newspapers.

"Prospective buyers are said to include Torstar Corp., which is actively shopping for newspapers in southern Ontario, Michael Sifton's Osprey Media Group, the Irving family's Brunswick News Inc. in the Maritimes, and David Black's Black Press Limited which owns smaller papers in western Canada and Washington state," says the Post.

You can read the Financial Post article by visiting www.nationalpost.com/search/story.html?f=/stories/20020516/242905.html&q...