Sunday, October 4, 2009

Report papers for sale 'speculation:' CanWest

Shares of CanWest Global Communications Corp. shot up by nearly a third Friday following a report that it may sell its daily newspapers to help alleviate its crippling debt load.

National Post CEO Paul Godfrey was reported in The Globe and Mail to be amassing private equity backers to purchase the chain's metro dailies, including the Ottawa Citizen and The Gazette in Montreal. CanWest shares went up 6.5 cents to close at 27 cents on the TSX – their highest level since May.

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