Wednesday, October 7, 2009

The Asper dream ends, the selloff begins

Canada's largest media empire has taken its first step toward a historic breakup, as debt-laden CanWest Global Communications Corp. sought court protection from creditors to shelter some of its most crucial assets.

It was a move the company's chief executive officer, Leonard Asper, tried desperately to avoid over the past year, agonizing in private that the business founded by his late father, Izzy Asper, 35 years ago would be forever tainted by the stigma of a filing aimed at staving off bankruptcy.

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