Friday, January 08, 2010

BC's Three Biggest Newspapers up for Grabs?

More news coming out regarding the assets of Canwest's newspaper division:
"Canwest Global Communications (TSXV:CGS) is being acquired by the insolvent company's banks for $925 million as they aim to get their loans repaid by selling the National Post and other big-city dailies to the highest bidder in an auction that starts next week."
This should prove to be an interesting story for the next few weeks. BC's three largest newspapers - The Province, Sun & Times Columnist - are all included. Presumably the group of newspapers will get sold as a single unit, and considering the NYTimes tells us they are "solidly profitable on an operating basis", it's hard to see this not happening.

That's a bit unfortunate. I'm probably not the only person who wishes they would break up the business interests and let BC papers compete again - especially The Province & Sun. There have been a number of occasions where I've noticed the lead story in the business section of the Saturday Sun showing up in the Sunday Province. Not an enjoyable experience, considering the company's sales pressure to subscribe to both products.

I know change is extremely unlikely; but it does seem an odd duopoly to have. And that our cross-town rival papers would benefit from competing ownership. ... Who knows though. Given the state of print journalism globally & that creditor protection is in effect, stranger things have happened.


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