Monday, May 17, 2010

Canwest receives court approval for newspaper sale

Canwest Global Communications has received court approval to move forward with the $1.1-billion sale of its publishing division, which includes the flagship National Post newspaper. The company said Monday it will proceed with the agreement to sell the papers by mid-July to a group of creditors led by Post president and CEO Paul Godfrey for $1.1 billion, including $950 million in cash. The deal, approved by Ontario Superior Court Justice Sarah Pepall, covers Canwest's slate of print and online media assets, which include the Montreal Gazette, Vancouver Sun and Ottawa Citizen, alongside community newspapers and websites like Canwest lawyer Lyndon Barnes said the company will continue moving forward with its plan to close the sale. The Godfrey-led group is aiming to finalize the purchase by mid-July.

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