Again, cover story of Canada's Banks buying newspaper an excuss for selling Canada's brain
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http://www.thestar.com/business/companies/canwest/article/808033--canwest-sees-future-in-digital-content
Quote, "Its senior secured creditors, a group of Canadian banks, were willing to settle for $950 million, the amount they were owed.
The winning bid came from a group of unsecured creditors, who offered $1.1 billion. That values the company at 5.5 times earnings before interest taxes depreciation and amortization, analysts said. That’s below the industry average leaving the owners room to enjoy some upside.
Godfrey squelched speculation the new owners would recover some of their costs by selling off some of the newspapers. “Absolutely not,” he said.
CanWest’s papers have long histories in their communities and are generally well-respected, said Chris Waddell, associate professor and director of Carleton University’s School of Journalism. That could give them an advantage online, he said, providing they invest in local content and a distinct identity."
