That didn’t take long. Just nine months after filing for protection under the Companies’ Creditors Arrangement Act (CCAA), media conglomerate Canwest Global Communications Corp. found separate buyers for its television and newspaper assets.
Winnipeg’s Asper family made some of the biggest media acquisitions in Canadian history to create Canwest. When disgraced media baron Conrad Black exited Canada’s newspaper industry in 2001, he sold his Hollinger Inc. empire for $2.7 billion to the Aspers, who already owned one of the country’s two English-language private TV networks, Global Television. Canwest later paid $2 billion to acquire the digital TV assets of Alliance Atlantis Communications Inc. [Canadian Deals, July 2007].
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