Monday, May 3, 2010

Torstar bids for Canwest's newspaper assets

Torstar Corp. said it has made an offer to buy Canwest Global Communication’s newspaper businesses that were put up for sale in January. The publisher of the Toronto Star gave no financial details of its offer, which has been made as part of a confidential bidding process. Fairfax Financial Holdings is also participating in the offer, it said in a statement. Canwest filed for bankruptcy protection for its newspaper unit on Jan. 8, weighed down by some C$4 billion in debt. The group’s television assets, which were also placed under court protection, are being bought by Shaw Communications. Torstar said the purchase, if successful, would be “material” to the company.

No comments:

Blog Archive