The “free market” has spoken (again):
Canwest, publisher of the National Post daily newspaper, has said it will try to exit non-core businesses and is considering the sale of five conventional TV stations. But analysts say there may not be any prospective purchasers waiting in the wings.
Even if the properties are sold, the proceeds would barely make a dent in Canwest’s debtload of about C$3.7 billion ($2.96 billion).
“They’re on the verge of bankruptcy,” CIBC World Markets analyst Bob Bek said of the company. “The equity has been reflecting that for some time.”
Shares of Winnipeg, Manitoba-based Canwest were changing hands at 49 Canadian cents each on the Toronto Stock Exchange. About a year ago, they were worth C$6.11 each.
Hooray! It’s another great day for capitalism!
Gee, I wonder where all those smarty-pants pundits at the National Post will end up when the Aspers’ vanity project finally bites the dust… Will there be enough wingnut welfare to go around to keep all of them off the streets and prevent them from having to suffer the ultimate indignity of sponging like low-life parasites on the already overburdened backs of honest, hardworking taxpayers?
Note: In case you were wondering, yes, the above graphic is shamelessly ripped off from SDA, where Kate enthusiastically welcomes every dire report concerning the financial woes of so-called “liberal” media stalwarts such as the NYT, LAT, etc. while studiously avoiding any mention of the fact that News Corp. is hemorrhaging billions or that right-leaning papers such as the Tribune are basically insolvent.