Well, this could have interesting consequences:
Torstar, cash at hand, leads CanWest bidding
CanWest's bankers have put a priority on getting their money back fast, so any bid financed by debt has a lower chance – and the publisher of the Toronto Star has a wealthy backer
Final offers to buy CanWest's newspapers are starting to filter in, but in a twist, the highest bidder won't necessarily walk away owning Canada's largest chain of dailies. Instead, cash will be king.
The 46 newspapers are being sold off by creditors that include the country's major banks, which are looking to recoup $950-million owed to them by financially strapped CanWest Global Communications Corp.
As they enter the final stage of the sale, the banks are hunting for cash – even if it means passing on offers that are higher on paper but involve the banks not getting all their money right away, or staying on as creditors.
Sources indicate a bid that includes newspaper owner Torstar Corp. is now emerging as a favourite, since it is expected to involve more cash than other offers.
And if Star owner Torstar is successful and some of the current crop of yobs from the Post are kept on, they would finally learn what an "editor" does. And it will be a painful learning experience for the lot of them.
Learning? They don't put a high stock in that. I suspect they will be "quit/fired" due to the "editing/supression" of their "stupidity/basic human rights".
Or something like that there.....
This might just save the newspaper industry in Canada. The Globe might be a better national newspaper, but The Star is a better city paper. And removing the CanWest stench from once decent papers like The Ottawa Citizen and the the Montreal Gazette might be enough to get more people to start subscribing to them or otherwise paying for the content.
Now, if we just get the CBC to do a public education series to teach Canadians the difference between bias and accuracy and we might just return this country to respectable levels of news media literacy.
Of course, Torstar could still screw it up by doing just what CanWest did; listening to cocksucking and cunt-licking MBA's instead of publishers, editors and reporters.
I think the suicide hotlines are going to be busy for the next little while. ;)
Fortunately the Post building is a suburban lowrise so less fatal for the jumpers.
Wow. That might mean my two local papers (BOTH Conwest) might actually become readable - and finally representative of the local population.
Now we know why "the Zerb" was moved from columnist to the nebulous title of "feature writer". That is corp-speak for "freed up from other obligations and ready to jump in as editor at a new acquisition".
Really makes Jonathan Kay look sillier'n usual.
Johnny K is probably hiding under mama babs' skirt right now.
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