Sunday, July 06, 2008

 

CanWest Global debt: $3.9 Billion

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It’s amazing how effectively news can be changed by NOT publishing it … if you catch my drift. The first I knew about CanWest's debt, was when I read about it yesterday on Harvey Oberfeld's blog.

Harvey is a good one to talk about these things. He worked as a CanWest journalist for many years - 27 years on NewsHour - but now that he's retired, his excellent blog suggests that there are a few things still bottled up in his thoughts. Good.

So I googled "CanWest Global + debt" ... and got:

CANWEST GLOBAL (CGS)
CanWest's stake in Ten set to rise

GRANT ROBERTSON
MEDIA REPORTER - July 4, 2008


... CanWest told investors yesterday it has decided not to offer any of its stock ... amid slumping media markets.

The Winnipeg-based media company owns 56 per cent of [Australian] Ten Network, which it was looking to sell last year for upwards of $1.5-billion. CanWest held on to its stake when it did not receive a high enough offer.

Taking part in the buyback would have given CanWest some cash to put toward its $3.9-million debt, analysts said yesterday. Instead, the company will now likely see its stake in the Australian broadcaster rise to more than 62 per cent, once the buyback is complete and the shares are cancelled.

Concerns about the debt, and a broader economic slowdown that is hitting newspaper publishers and broadcasters hard as advertising spending recoils, have pushed CanWest's shares to their lowest point since 1992. ...

Harvey Oberfeld's excellent blog [http://harveyoberfeld.ca/blog/?p=56] reports that 2 years ago, CanWest shares were $15 apiece; in 2007 shares dropped to $9.50 apiece. On July 5, 2008 The Globe and Mail reports that CanWest share prices closed at $2.33.

Oberfeld (who worked for 27 years at NewsHour) has a wry editorial on the strangeness of CanWest publishing nothing absolutely nothing about this.


CANWEST GLOBAL (CGS)

Close: $2.33, down 20¢
Saturday, July 05, 2008, page B2

CanWest Global Communications Corp. has $3.9-billion in debt.

http://www.theglobeandmail.com/servlet/story/LAC.20080704.RCANWEST04//TPStory/Business

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Comments:
Maybe, just maybe, the advertisers are getting word from places like these blogs that the news is reported more fully and with less slant here. And they may also be getting wind of the masses of people who have quit reading these Papers which appear to be turning into a Sports Tabloid or a Canadian National Enquirer. Maybe?
 
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Gary,

Wouldn't it be great if CanWest could take the hint and start behaving like a real news service?

Is that such a lot to ask, ya think?

Maybe we should send in a few suggestions.

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Top of the morning to you, Mary & gary e! I'm onboard with you. The "masses" can only eat pablum for so long!

Heads up Canwest:, bring back some investigative journalism/political wit/wisdom, - bring back Dr. Foth; stop pandering to your pals in the Campbell 'circle's' best interests & you will increase your readership=$$$$$!! It's a 'no brainer' guys'.

Excellent detective work, Mary. You shame the MSM and that is why 70,011+ visitors land here!! Most of the population want all the unsanitized version of what's up.

Like you gary e, I admire BC Mary's artistry at pulling together all of the loose threads of the Campbell crew's tangled web, into a comprehensive 'weave' for all of us fans.
 
This story kind of makes me feel sorry for all those BC government employees whose pension money is heavily invested in Can West Global shares.
 
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