Wednesday, February 10, 2010

Will CanWest be gobbled up by financiers?

The Globe and Mail is reporting that two groups have been formed to submit bids in the largest auction of media assets ever in Canada: the sale of CanWest Global Communications.

One group, backed by U.S. private equity firm Hicks Muse Tate & Furst, includes Paul Godfrey, the president of CanWest’s National Post newspaper, plus six other CanWest executives.  The second bidder is expected to be Glacier Media Inc., a community newspaper business run by former investment banker Jon Kennedy.

The Globe and Mail is also reporting that two family members, David and Gail Asper, the son and daughter of CanWest founder Izzy Asper, have resigned from the media company's board which will shrink the board's size.