Canwest Media Sold

Postmedia Network Canada Corp has announced that they have completed the purchase of the Canwest publications, in a $1 billion deal.  This makes Postmedia Network the largest publisher of English paid daily newspapers in Canada.  This will include publications such as the Ottawa Citizen, Montreal Gazette and Vancouver Sun.

Postmedia Network has indicated that it is taking a 'digital-first' approach to publishing, per Editor & Publisher.

This concludes the bankrupcty proceedings for Canwest, which began in 2009.

Godfrey to Acquire Canwest

Canwest Global Communications has approved a sales of its newspaper chain to Paul Godfrey, president of the National Post.  The plan is for the deal to close on July 15th, following bankruptcy court approval on May 15th.  All existing papers in the group are expected to remain in business.

Canwest publishes 12 daily newspapers and 45 community and free papers.  The dailies include the Vancouver Sun, Montreal Gazette, and Ottawa Citizen.

Canwest had applied for reorganization back in January 2010.

Canwest puts newspaper division under court protection and starts auction process

TORONTO - The cross-country newspaper chain run by 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.

The Winnipeg-based broadcaster and publisher of the Post and other papers and websites from Vancouver to Montreal said Friday it had reached a restructuring agreement with its creditors, mainly the company's bankers.

Under the deal, the Big Five Canadian banks agreed to make what's considered a "stalking-horse" bid setting the base price for an auction that could fetch more than $1 billion, according to some estimates. The plan keeps the newspaper assets in the hands of Canwest until a group of interested outside buyers are assembled and their offers evaluated.