Meanwhile, In Canada: Paul Godfrey And Bondholders Buy Canwest

Paul Godfrey, a media executive who was formerly the chief executive officer of the Canwest-owned National Post, has joined up with group of bondholders in an agreement to buy Canada’s Canwest Global Communications Corp.’s newspaper chain for $1.1 billion. The group’s bid topped that of fellow contender Torstar Corp.

Back in March, the Winnipeg-based Asper family attempted to regain their hold on the paper group, which they previously lost as a result of massive debt within their former media company — the largest newspaper chain in all of Canada.

Godfrey will now become chief executive and president of the new company that will take over the publishing of Canwest newspapers.