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{{Short description|Former Canadian media company}}
{{refimprove|date=March 2009}}
{{Use mdy dates|date=November 2012}}
{{Infobox_Company |
{{Multiple issues|
company_name = Canwest Global Communications Corp. |
{{primary sources|date=February 2010}}
company_logo = ] |
{{more citations needed |date=March 2009}}
company_type = ]<br>({{tsx|CGS}})<br>({{tsx|CGS.A}}) |
{{Unreliable sources|date=September 2024}}
foundation = ] |
{{undue weight|date=February 2013}}
founder = ] |
{{Copy edit|date=July 2024}}
area_served = ]wide|
}}
location = ], ], ] |
{{Infobox company
key_people = Derek H. Burney<br><small>(] of the ])</small><br>]<br><small>(]), (]) & (]) |
| name = 2737469 Canada Inc.
industry = ]<br>] Services |
| logo = Canwest.svg
products = ]<br>]<br>]|
| logo_size =
revenue = {{profit}} ] 3.145 billion <small>(2008)</small>|
| logo_caption = Final logo used from 2004 to 2010
operating_income = {{loss}} C$ -1.045 billion <small>(2008)</small>|
| type = ]
net_income = {{loss}} C$ -1.040 billion <small>(2008)</small>|
| traded_as = {{TSX was|CGS}}<br>{{TSX was|CGS.A}}<br>{{NYSE was|CWG}}
assets = {{decrease}} C$ 6.514 billion <small>(2008)</small>|
| image = 201 Portage Ave, Winnipeg Manitoba 07.JPG
equity = {{decrease}} C$ 567.23 million <small>(2008)</small>|
| image_caption = Canwest's headquarters at ] Avenue
num_employees = 12,072 <small>(May 2009)</small>|
| foundation = {{start date and age|1974}}
homepage =
| fate = ] and ]
*Broadcast assets were sold to ]
*Newspaper assets were sold to creditors to form ]
*The asset-less shell then began bankruptcy proceedings under the '']''
| former_name = Canwest Global Communications Corporation
| successor = ] (broadcasting) and ] (publishing spin-off)
| defunct = {{end date and age|2010|10|27}} (operations)<br />{{end date and age|2013|5|27}} (dissolution)
| founder = ]
| area_served = Canada, Australia, New Zealand, Ireland, United Kingdom, Turkey
| location = ] Avenue
| hq_location_city = ], ]
| hq_location_country = ]
| key_people = Derek H. Burney<br /><small>(] of the ])</small>
| industry = ]
| revenue = ] 2.867 billion
| revenue_year = 2009
| operating_income = C$ 197 million
| income_year = 2009
| net_income = C$ &minus;1.689 billion
| net_income_year = 2009
| assets = C$ 3.876 billion
| assets_year = 1Q 2010
| equity = C$ &minus;449 million
| equity_year = 1Q 2010
| num_employees = 12,072
| num_employees_year = May 2009
| footnotes = <ref name="google_financials">{{cite web | url=https://www.google.com/finance?q=CVE:CGS&fstype=ii | archive-url=https://web.archive.org/web/20160107052139/http://www.google.com/finance?q=CVE:CGS&fstype=ii | url-status=dead | archive-date=January 7, 2016 | title=CanWest Global Communications Corp. financials | work=Google Finance | access-date=2010-02-12}}</ref>
}} }}


'''Canwest Global Communications Corp.''' ({{tsx|CGS}}, {{tsx|CGS.A}}), operating under the corporate brand '''Canwest''', is one of ]'s largest ] ] ]. The company's head office is situated in ], ] at ]. '''Canwest Global Communications Corporation''', which operated under the corporate name '''Canwest''', was a major ] ] based in ], ], with its head offices at ] (Now called 201 Portage). It held ], ] broadcasting, and ] assets in several countries, primarily in Canada.


Canwest was founded in 1974 by ] through the formation of ] in ] under the ]. The company expanded through the 1980s and 1990s, with the ] in 1991 as a publicly traded corporation and the international expansion of its operations in ], ], ], ] and ]. Throughout the years, under ], who became its president and CEO in 1999, Canwest grew into a major media powerhouse by acquiring media properties such as ] and the ] newspaper publishing. In 2007, with ], Canwest acquired the broadcasting arm of ].<ref>{{cite web | url=http://www.canwest.com/about/history.asp | archive-url=https://web.archive.org/web/20080916153341/http://www.canwest.com/about/history.asp | archive-date=September 16, 2008 | title=Canwest Broadcast }}</ref>
Since October 2009, the company has been operating under ] as part of the process to recapitalize the company.<ref name="reorg-pr">, ''Global News'', 2009-10-06</ref><ref name="reorg-global">, Canwest press release, 2009-10-06</ref>

After years of debt, Canwest began to slowly collapse in 2008, amid the ] and later entered ] in late 2009, which led to the sales of its publishing and broadcasting arms the following year to ], founded by '']'' CEO ] and ], which later reorganized its media division as ].<ref>{{Cite news |date=July 2, 2010 |title=Canwest newspaper chain to be called Postmedia Network, Paul Godfrey says |work=] |agency=] |url=https://www.thestar.com/business/2010/07/02/canwest_newspaper_chain_to_be_called_postmedia_network_paul_godfrey_says.html |access-date=July 4, 2010}}</ref><ref>{{cite web|url=http://www.shaw.ca/NR/rdonlyres/9B6FFCBF-18A0-4E3C-9833-E6071E306511/0/CanwestCloseOct22.pdf|title=SHAW ANNOUNCES ACQUISITION OF CANWEST BROADCASTING ASSETS EXPECTED TO CLOSE OCTOBER 27, 2010|author=] (press release)|date=October 22, 2010|access-date=2010-10-23|archive-date=October 2, 2020|archive-url=https://web.archive.org/web/20201002135726/https://www.shaw.ca/page-not-found/|url-status=dead}}</ref> On April 1, 2016, the broadcasting assets were subsumed into ], an existing broadcasting firm also owned by the Shaw family.<ref name=gandm-shawcorus>{{cite news|title=Corus Entertainment acquires Shaw Media for $2.65-billion|url=https://www.theglobeandmail.com/report-on-business/corus-acquires-shaw-media-for-265-billion/article28140989/|access-date=January 13, 2016|work=The Globe and Mail}}</ref><ref name="corus-shawcomplete">{{cite web|title=Corus Entertainment Completes Acquisition of Shaw Media|url=http://www.corusent.com/news/corus-entertainment-completes-acquisition-shaw-media/|publisher=Corus Entertainment|access-date=April 1, 2016|archive-date=June 10, 2016|archive-url=https://web.archive.org/web/20160610040835/http://www.corusent.com/news/corus-entertainment-completes-acquisition-shaw-media/|url-status=dead}}</ref>

Following the sale of assets, the company was renamed '''2737469 Canada Inc.''', ceased to carry on business, and commenced ] proceedings under the '']'' before finally being dissolved on May 27, 2013.<ref>" {{Webarchive|url=https://web.archive.org/web/20120722223732/http://shawmediatv.ca/press/read/?1335 |date=July 22, 2012 }}", 2737469 Canada Inc. press release (via Shaw Media), 2010-10-27. Retrieved 2010-10-27.</ref><ref>{{cite web|url=https://www.ic.gc.ca/app/scr/cc/CorporationsCanada/fdrlCrpDtls.html?corpId=2737469&crpNm=&crpNmbr=2737469&bsNmbr=|title=Federal Corporation Information: 2737469 Canada Inc.|publisher=]|date=March 25, 2014|access-date=2014-04-26}}</ref>


==Operations== ==Operations==
{{seealso|List of assets owned by Canwest}} {{See also|List of assets owned by Corus Entertainment}}
Canwest owns, in whole or part, a variety of Canadian media assets, including: As of April 2009 (prior to seeking creditor protection), Canwest owned, in whole or part, a variety of Canadian media assets, including:
* ], a Canadian ] which reaches over 94% of the English-speaking population of Canada; * ], a primary Canadian ] which reached over 94% of the English-speaking population of Canada;
* ], a now-defunct secondary Canadian ] consisted of five smaller market stations; however, through repeaters and cable television, it reaches the majority of major Canadian markets. The "E!" name was licensed by ], which also supplies the majority of its programming outside of local news and regional programming and primetime shows from the American broadcast networks;
* ]s including ], ], ], ] and various ] services;
* ]s including ], ], ], ], ], ], and various ] services;
* the former ] ] chain, which includes the number-two national newspaper '']'', the ] daily newspapers in most major markets, several other smaller newspapers, and the ] newswire. Canwest is Canada's largest newspaper publisher;
* ] and its former properties, which included the number-two national newspaper '']'', the broadsheet daily newspapers in most major markets, several other smaller newspapers, and the ] newswire. Canwest was Canada's largest newspaper publisher;
* production, distribution, and ] assets such as Canwest Entertainment and ], one of Canada's largest Internet portals;
* Production, distribution, and ] assets associated with all the Canwest properties

The company had previously sold off some of the smaller newspapers it had acquired in the Southam purchase. Canwest also previously owned broadcasting operations in ] (as majority shareholder of ]), ] (through ]), the ] (as a minority shareholder of ]) and ] (as the owners of four radio stations).


==History== ==History==


===Beginnings===
In 1974, a group led by ] bought the assets of ] television station ], moving the station to Winnipeg as independent station ]. Asper, through his company Canwest, eventually bought out his partners in the Winnipeg station, and subsequently invested in or acquired other independent TV stations across Canada, including an ] ] known as the "]". This brand was extended to Canwest stations throughout the country in 1997. Throughout the 1990s, Global (and its antecedents) held Canadian rights to hit U.S. series such as '']'', '']'', and '']'', making it the top-rated programming service in major markets like ] and ].
In 1974, a group led by ] bought the assets of ] television station ] from broadcaster ], moving the station to Winnipeg as an independent station ]. Asper, through his company, Canwest, eventually bought out his partners in the Winnipeg station. A few months later, the Asper group joined a consortium that bought CKGN-TV, a network of six simulcasting transmitters across ] that carried many of CKND's programs and was known on-air as the ]. Canwest bought controlling interest in Global, now using the callsign ], in 1985, thus becoming the first western-based owner of a major Canadian broadcaster. He acquired the remaining stock in 1989.<ref> at Canadian Communications Foundation</ref>


Canwest subsequently invested in or acquired other independent TV stations across Canada. Eventually, his station group became known as the "Canwest Global System." In 1997, Canwest bought a controlling interest in ], the privately owned CBC affiliate in ]. Canwest then set up CKMI rebroadcasters in ] and ]. With this move, Canwest's stations now had enough coverage of Canada that on August 18—the day CKMI officially disaffiliated from CBC—Canwest scrubbed all local brands from its stations, rebranding them as "The Global Television Network," Canada's third television network. Throughout the 1990s, Global (and its antecedents) held Canadian rights to hit U.S. series such as '']'', '']'', and '']''.
Seeking to become a global media power on par with the likes of ] and ], Canwest also bought broadcasting assets internationally, including outlets in ], the ], and ], although all were eventually sold off.


Canwest also bought broadcasting assets internationally, including outlets in ], the ], and ], although all were eventually sold off. In 1991, Canwest issued a successful initial public offering on the Toronto Stock Exchange. In June 1996, Canwest was listed on the New York Stock Exchange.<ref>" {{webarchive |url=https://web.archive.org/web/20051205021923/https://www.nyse.com/about/listed/cwg.html |date=December 5, 2005 }}", '']''</ref>
Lacking a presence in ], the company also went on an extended takeover pursuit of ], which owned several independent stations in that province, in the late 1990s, eventually securing that company's broadcast television assets in 2000. This not only boosted Global's coverage in western Canada, but prompted the establishment of a second over-the-air service, originally known as ], since in some areas the combined company had duplicate over-the-air coverage through multiple stations.


===Beyond broadcasting and the newspapers===
Later that year, Canwest announced its acquisition of the Southam newspaper chain from ], in order to pursue a ] strategy. Canwest executives mused aloud that a single reporter could file stories for newspapers, TV, and the Web, but media regulations enacted soon thereafter prevented the company from achieving such efficiencies.
Lacking a presence in ], the company set its sights on ], which owned three independent stations in that province that carried Global programming. It eventually bought that company's broadcasting assets in 2000. This not only boosted Global's coverage in western Canada but prompted the establishment of a second over-the-air service, originally known as ], since in some areas the combined company had duplicate over-the-air coverage through multiple stations. Later that year, Canwest announced its acquisition of the Southam newspaper chain from ], in order to pursue a ] strategy. {{Citation needed|date=February 2010}}


]
Canwest was initially slow to invest in ]s due to the strength of its terrestrial network. In 1999, seeking to change this, the company announced a deal to buy out the Canadian partners of ], owner of ], but was stymied by U.S. partner ], which had veto power over such a sale. ESPN instead came to terms with Canwest's main rival ], a longtime business partner of ESPN's parent company ], as an acceptable buyer,<ref>"", '']'', 6 February 1999</ref> which the selling partners eventually agreed to.
Canwest was initially slow to invest in ]s due to the strength of its terrestrial network. In 1999, seeking to change this, the company announced a deal to buy out the Canadian partners of ], owner of ], but was stymied by U.S. partner ], which had veto power over such a sale. ESPN instead came to terms with Canwest's main rival ], a longtime business partner of ESPN's parent company ], as an acceptable buyer,<ref>{{Cite news |date=1999-02-06 |title=COMPANY NEWS; CTV AND ESPN AGREE TO BUY CONTROL OF NETSTAR |language=en-US |work=The New York Times |agency=] |url=https://www.nytimes.com/1999/02/06/business/company-news-ctv-and-espn-agree-to-buy-control-of-netstar.html |access-date=2023-04-11 |issn=0362-4331}}</ref> which the selling partners eventually agreed to.{{Citation needed|date=February 2010}}


In an effort to get into the entertainment business, the company had bought out producer/distributor ] in 1998,<ref>{{Cite web |last=Tillson |first=Tamsen |date=2003-11-04 |title=Fireworks shoots hole in rosy CanWest |url=https://variety.com/2003/biz/news/fireworks-shoots-hole-in-rosy-canwest-1117895111/ |access-date=2023-07-15 |website=Variety |language=en-US}}</ref> and gained interest in ], a film production company.<ref>{{Cite web |last=Carver |first=Benedict |date=1998-09-25 |title=Hoffman, Firestone form distribbery |url=https://variety.com/1998/biz/news/hoffman-firestone-form-distribbery-1117480776/ |access-date=2023-07-15 |website=Variety |language=en-US}}</ref> CanWest would sell its entertainment unit in 2005.<ref>{{Cite web |last=Dawtrey |first=Adam |date=2005-07-22 |title=ContentFilm caps Fireworks sale |url=https://variety.com/2005/tv/news/contentfilm-caps-fireworks-sale-1117926328/ |access-date=2023-07-15 |website=Variety |language=en-US}}</ref>
The company would not gain a large stable of wide-distribution specialty channels until 2007, when Canwest and ] announced they would jointly acquire Canadian producer and broadcaster ]. Under the deal, Canwest took control of the broadcasting portion of AAC, although Goldman Sachs remained a major investor in those assets. Goldman retained or resold the remaining pieces of AAC, the distribution arm soon re-emerging as ].


In 2005, CanWest launched a new website, canada.com, which served as a digital media platform for its rebranded brands in the digital space. These brands encompassed various local news outlets, major newspapers, and other media entities. The brands were collectively presented under the "canada.com Network" and included the following (as listed in the website footer): Newspapers: National Post, Calgary Herald, Edmonton Journal, The Montreal Gazette, Ottawa Citizen, Regina Leader Post, The Saskatoon Star Phoenix, The Vancouver Sun, The Vancouver Province, Victoria Times Colonist, The Windsor Star, Dose, Vancouver Island Newspaper, VANNEET Newspaper; Television: Global, CH, Prime TV, Fox Sports World Canada, Lonestar, Mystery, Xtreme Sports, Deje View, mentv, Cool TV; Radio: CoolFM 99.1, 91.5 The Beat; Marketplace: working.com, driving.ca, connecting, celebrating, remembering, homes. The website experience revolved around news, city guides, activities, and events to enhance advertising revenue. The site was developed by Cossette/Fjord based in Toronto, Canada, in 2005.
===Restructuring and creditor protection===
Canwest's various acquisitions took a significant financial toll. By early 2009, it became clear the company's debt was not manageable in light of the ], forcing Canwest into an extended set of negotiations with its lenders and a series of cost-cutting moves.


In October 2005, CanWest's Canadian newspapers were sold into an IPO trust. Sold 25.8% of Canada's newspapers for C$550 million. Attached to the Canadian newspaper IPO was $850 million in long-term debt. CanWest bought back the 25.8% Newspaper Trust IPO (and debt) in November 2008, for cash considerations of $495 million.{{Citation needed|date=February 2010}} In April 2006, Canwest acquired four radio stations in ]: Super FM, Metro FM, Joy FM and Joy Turk FM from The Turkish Savings and Deposit Insurance Fund for aggregate cash consideration of US$61 million.<ref>{{Cite web|url=https://radiotoday.co.uk/2006/04/canwest-buy-in-turkey/|title = CanWest buy in Turkey|date = April 15, 2006}}</ref>
On August 31, 2009, Canwest shut down its secondary system ] (the former CH). Three of the former E! ]s &ndash; ] ], ] ], and ] ] &ndash; were sold to third parties, while a fourth, ] ], was converted to a Global station. The remaining station, ] ], was closed as of the same date.


The company was already one of the largest owners of Canadian local TV stations when Canwest and ] in 2007 announced they would jointly acquire Canadian producer and competing broadcaster ] and its massive stable of wide-distribution specialty channels. Under the deal, Canwest took control of the broadcasting portion of AAC, although Goldman Sachs remained a major investor in those assets. Goldman retained or resold the remaining pieces of AAC, the distribution arm soon re-emerging as ].{{Citation needed|date=February 2010}}
The driving fact for '''CanWest's exodus from several local Canadian TV stations''', that were not making money, was an agreement to consolidate Goldman Sachs and CanWest's Canadian TV stations. The unusual '''selling formula had CanWest selling all of its TV stations, and their assets and lands, at their operating profit, and not their asset value.''' CanWest shareholders would be paying Goldman Sachs to take over certain CanWest TV stations and their assets. To stop this CanWest choose to ditch these unprofitable stations. An example is CanWest selling CHEK, Victoria to the employees, yet CanWest retained control of the building and property.


Canwest executives testified in the ] hearings over ], requesting that the commission force cable and satellite companies to pay for their signals without passing the fees on to their subscribers. In his testimony, Canwest president Leonard Asper blamed the current rules for the poor financial condition of Canada's broadcast television stations, a position which has subsequently been adopted and addressed through rule changes by the CRTC and FCC.<ref>{{cite news | title='Pull your weight' Canwest tells CRTC | url=http://www.marketingmag.ca/media/%E2%80%98pull-your-weight%E2%80%99-canwest-tells-crtc-12065 | newspaper=Marketing Magazine | publisher=Rogers Publishing | date=November 19, 2009 | access-date=2015-10-19}}</ref>
On September 24, the company announced that it would sell its 50.1% stake in ] for A$680 million dollars,<ref>Wall Street Journal, CanWest Sells Ten Network Stake For A$680M, SEPTEMBER 24, 2009, http://online.wsj.com/article/BT-CO-20090924-701384.html</ref> in order to pay down its significant debt. The sale was slated to be completed on October 1.<ref>, Associated Press, 2009-09-24, accessed 2009-10-08</ref>


===Restructuring, creditor protection, bankruptcy, and liquidation===
On October 6, the company announced it had agreed to a recapitalization transaction with some of its lenders, which will likely require the approval of the ] (CRTC). When completed, creditors &ndash; led by ]s ], ], and ]<ref name="reorg-tgam">Grant Robertson and Andrew Willis, "", '']'', 2009-09-07</ref> &ndash; will own a majority of shares, leaving existing shareholders, including the Asper family, with a total of 2.3% of the "new" Canwest. However, the Aspers are expected to invest a further $15 million in the restructured entity.<ref name="reorg-cbc">, ''CBC News'', 2009-10-06</ref>
Canwest's various acquisitions took a significant financial toll. As early as 2002, most of Canwest's operating income was going to pay interest on its high-interest-rate debt. By 2007, the company's bonds were downgraded to junk status.<ref>{{cite news|url=http://www.istockanalyst.com/article/viewnewspaged/articleid/3826817/pageid/1 |title=Roundup: Canadian media woes as major company undergoes failed media convergence experiment |first=Mark |last=Bourrie |publisher=iStockAnalyst |date=February 1, 2010 |access-date=February 14, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20120322113516/http://www.istockanalyst.com/article/viewnewspaged/articleid/3826817/pageid/1 |archive-date=March 22, 2012 |df=mdy }}</ref> By early 2009, it became clear the company's debt was not manageable during the ], forcing Canwest into an extended set of negotiations with its lenders and a series of cost-cutting moves. The company's income statements reported net losses in 2008 and 2009, even though its operating activities were profitable (before taxes, interest, and non-operating charges: C$197 million in 2009, vs. C$428 million in 2008).{{Citation needed|date=February 2010}}


In May 2009, Canwest sold off four radio stations in Turkey to Spectrum Medya.<ref>{{Cite web|url=https://radiotoday.co.uk/2009/05/canwest-exits-turkey-radio/|title=CanWest exits Turkey radio|date=May 17, 2009}}</ref>
As part of the transaction, Canwest and some of its subsidiaries, including Canwest Media Inc., ], and Canwest Television LP (the licensee of Global, ], ], and ]) filed for creditor protection under the ]. Canwest Limited Partnership, a subsidiary which owns the company's other newspaper assets and online properties, is negotiating separately with creditors, and is expected to file for creditor protection at a later date. Specialty channels operated in partnership with other companies (such as ], ], ], and the former ] properties) are also not included in the present filing. Canwest shares were also suspended from trading on the ].


On August 31, 2009, Canwest shut down its secondary system ] (the former CH). Three of the former E! ]s &ndash; ] ], ] ], and ] ] &ndash; were sold to third parties, while a fourth, ] ], was converted to a Global station. The remaining station, ] ], was closed as of the same date.<ref>{{cite web|url=http://www.cbc.ca/news/business/canwest-closing-tv-stations-in-alberta-b-c-1.826619|title=Canwest closing TV stations in Alberta, B.C.|publisher=]|date=July 22, 2009|access-date=2015-10-19}}</ref><ref> {{webarchive|url=https://archive.today/20120719232715/http://www.albertalocalnews.com/reddeeradvocate/news/CHCA-TV_fades_to_black_51483362.html |date=July 19, 2012 }}. Red Deer Advocate, Albertalocalnews.com (July 23, 2009).</ref>
Canwest is ''not'' being ] at this time, and the company currently insists that the restructuring will make Canwest "a stronger industry competitor with a renewed financial outlook."<ref name="reorg-pr"/> Nevertheless, some analysts expect that the conglomerate will sell assets or be broken up entirely as the restructuring process continues, in part because the publishing division has a separate set of lenders.<ref name="reorg-tgam"/>


On September 24, the company announced that it would sell its 50.1% stake in ] for ]680 million,<ref>{{cite news |url=http://www.theaustralian.com.au/business/media/canwest-sells-ten-network-stake-for-680m/story-e6frg996-1225779014607 |title=CanWest sells Ten Network stake for $680m |work=] |author=McFarland, Lyndal |agency=Dow Jones Newswires |date=September 24, 2009 |access-date=July 9, 2011 }}</ref> in order to pay down its significant debt. The sale of CanWest's Australian media operations reduced some C$582-million in debt tied to the Australian TV network, raising the total value Canwest can erase from its overall debt to more than C$1.2-billion. Before the Ten deal, Canwest held about C$3.8-billion of debt on its balance sheet. In court documents, Goldman Sachs alleges "fraudulent" and "abusive" changes to the internal operation of Canwest in the days before it filed for creditor protection. As part of the filing, the Wall Street investment bank is seeking to undo these changes, and has also claimed that CanWest's creditors should return the C$426 million they received from Canwest balance sheet in September, after CanWest sold its stake in Ten.<ref> {{Webarchive|url=https://web.archive.org/web/20141006073125/http://www.friends.ca/news-item/8860 |date=October 6, 2014 }}. Friends.ca (November 2, 2009).</ref>
==Corporate governance==
===Board of directors===
Current members of the ] of the company are: ], ], ], ], ], ], ], ], ], and ].


On October 6, the company voluntarily filed for creditor protection under the ], due to ]4 billion mounting debt across radio, television broadcasting and publishing assets in several countries.<ref>{{cite news |url=https://www.theguardian.com/media/2009/oct/06/television-pressandpublishing |title=Canwest Global Communications files for bankruptcy protection |author=Clark, Andrew |work=] |location=England |date=October 6, 2009 |access-date=July 9, 2011 }}</ref> At the same time it announced it had agreed to a recapitalization transaction with some of its lenders, which will likely require the approval of the ] (CRTC). When completed, bondholders &ndash; led by ]s West Face Capital, ], and ]<ref name="reorg-tgam">{{cite news |first1=Grant |last1=Robertson |first2=Andrew |last2=Willis |url=https://www.theglobeandmail.com/report-on-business/the-asper-dream-ends-the-selloff-begins/article1314690/ |title=The Asper dream ends, the selloff begins |work=] |location=Canada |date=September 7, 2009 }}</ref> &ndash; will own a majority of shares, leaving existing shareholders, including the Asper family, with a total of 2.3% of the "new" Canwest. However, the Aspers are expected to invest a further C$15 million in the restructured entity.<ref name="reorg-cbc">{{cite news |url=http://www.cbc.ca/news/business/canwest-wins-court-shelter-for-global-tv-post-1.774693 |title=Canwest wins court shelter for Global TV, Post |publisher=CBC News |date=October 6, 2009 |access-date=2015-10-19}}</ref>
Former members of the board of directors of the company include: ] and ].


In January 2010, CanWest's bonds commanded about 70 cents on the dollar. CanWest's bonds at one point traded for as little as 15 cents on the dollar. Several sources say that as CanWest notes increased fivefold in price, distressed-debt funds took profits on part of their position, with Angelo Gordon among the buyers.<ref>{{cite news |url=https://www.theglobeandmail.com/report-on-business/hedge-fund-buys-canwest-bonds/article1350531/ |title=Hedge fund buys CanWest bonds |author=Willis, Andrew |work=The Globe and Mail |date=November 4, 2009 |access-date=July 9, 2011 }}</ref>
==Concentration of power==
Canwest is often cited as an example of how the ownership of Canadian media has become concentrated in the hands of a few individuals and large corporations. Canwest founder ] was known as a strong supporter of both Canada's ] and Israel's right-wing ] party, and of many ] policies in both countries.<ref>{{cite web|url=http://www.economicexpert.com/a/Izzy:Asper.htm|title=Izzy Asper Biography|accessdate=2009-05-01}}</ref> Observers have suggested that Asper's political views have had a significant impact on news coverage at CanWest media outlets. For example, in ], '']'' publisher ] was fired by Canwest after the paper published a series of articles exposing a financial scandal involving then Prime Minister ].


On February 3, 2010,<ref>{{Cite news |last=Sturgeon |first=Jamie |date=2010-02-03 |title=Canwest creditors win round |work=] |url=https://montrealgazette.com/news/todays-paper/Canwest+creditors+round/2515161/story.html |url-status=dead |archive-url=https://web.archive.org/web/20100310125500/http://www.montrealgazette.com/news/todays-paper/Canwest%2Bcreditors%2Bround/2515161/story.html |archive-date=2010-03-10}}</ref> it was reported that a group led by Golden Tree Asset Management LP complained that "it was unfairly frozen out of the auction of Canwest Limited Partnership."{{Citation needed|date=February 2010}}
Canwest's power in the marketplace is reflected in a new contract that freelance contributors must sign. Until recently, standard industry practise was that freelancers sold the rights for one time use and only in Canada.


As part of the transaction, Canwest and some of its subsidiaries, including Canwest Media Inc., ], and Canwest Television LP (the licensee of Global, ], ], and ]) filed for creditor protection under the ]. Canwest Limited Partnership, a subsidiary that owns the company's other newspaper assets and online properties, is negotiating separately with creditors and is expected to file for creditor protection at a later date. Specialty channels operated in partnership with other companies (such as ], ], ], and the former ] properties) are also not included in the present filing. Canwest shares were also suspended from trading on the ].
==Editorial controversies==
Since the ] acquisition of the major former Canadian newspaper holdings of ]'s ] (now ]), including ], opposition has been expressed by some journalists, union spokespersons, politicians, and pundits about Canwest's enforcement of its corporate editorial positions. A ] decision to run regular uniform national ]s in all metropolitan dailies (except '']''), whereby local ]s could not take local positions on subjects of national editorials, ignited major national controversy and was subsequently withdrawn.


Canwest said that it was not being ] at this point, and the company insisted that the proceedings would make Canwest "a stronger industry competitor with a renewed financial outlook." Nevertheless, some analysts expected that the conglomerate would sell assets or be broken up entirely as the restructuring process continues, noting that the publishing division has a separate set of lenders.<ref name="reorg-tgam"/> As it turned out, the company would indeed be broken up.
Conflict over Canwest editorial control and policy has focused in particular on three issues:


===Sale of assets to Shaw and Postmedia===
* The ]. Since Israel Asper's leadership of the ], the Asper family has been identified with Liberal politics and politicians. In July 2001, Southam national affairs columnist ] was fired after a column of his critical of Liberal ] ] was not published. ], longtime publisher of '']'', was fired in June 2002 after the newspaper called on Chrétien to resign. However, as of 2006, at least one Asper family member (]) is now publicly supporting the ].<ref>{{cite web
In February 2010, the company announced an agreement with ] whereby the latter company would buy an 80% voting interest, and 20% equity interest, in the restructured entity, pending approvals from the ] (CRTC) and others. The company's newspapers were not part of the Shaw deal and were already sold separately to ].<ref>{{cite web|url=http://www.cbc.ca/news/business/shaw-moves-for-canwest-control-1.865997|title=Shaw moves for Canwest control|publisher=]|date=February 12, 2010|access-date=2015-10-19}}</ref> However, the Asper family with Goldman and Catalyst made their own bid to retake Canwest with a $120 million bid in competition with the bid proposed by Shaw Communications.<ref>. Mediaincanada.com.</ref> On February 25, 2010, it was announced that Shaw Communications had won a court battle to continue their plans to purchase assets & voting shares from Canwest. After the announcement, Shaw revealed that its investment amounted to a minimum of $95-million in exchange for 20 percent of the equity and an 80 percent voting interest in the restructured company.<ref>{{cite web|url=https://www.theglobeandmail.com/report-on-business/shaw-wins-court-fight-for-canwest-assets/article1475436/|title=Shaw wins court fight for CanWest assets|work=The Globe and Mail|date=February 20, 2010|access-date=2015-10-19}}</ref>
| last =
| first =
| authorlink =
| coauthors =
| title = Harper promises Toronto a place in government
| work =
| publisher = CBC News
| date = 2006-01-18
| url = http://www.cbc.ca/story/canadavotes2006/national/2006/01/18/elxn-harper-toronto.html
| doi =
| accessdate = 2009-01-23 }}</ref>
* The government of ] and conflict in the ]. Veteran '']'' reporter Bill Marsden has said that the Aspers "do not want any criticism of Israel. We do not run in our newspaper ] pieces that express criticism of Israel and what it is doing." <ref></ref> A study released in 2006 by the Near East Cultural and Educational Foundation of Canada found that the '']'' was 83.3 times more likely to report an Israeli child’s death than a Palestinian child’s death in its news articles’ headlines or first paragraphs.<ref name="The Georgia Straight">{{cite web|url=http://www.straight.com/article-153833/canwest-huffs-and-puffs-free-speech-burns|title=Canwest huffs and puffs while free speech burns|publisher=]|date=July 17, 2008|accessdate=2009-04-14}}</ref> In 2008 Canwest launched a lawsuit against the Palestine Media Collective for producing a newspaper parody of '']'' that satirized this bias.<ref name="The Georgia Straight"/> In ], the ] news agency protested after Canwest altered ] stories about the ] and the ], such that Reuters felt it had inserted Canwest's own ] under Reuters ]s. The changes were apparently made in accordance with a Canwest policy to label certain groups as terrorists.
* Canwest editorial control and management itself. In ], 77 staff members at '']'' signed a letter and launched a web page, ''Media Giant Silences Local Voices: Canadian Journalism Under Attack'',<ref> (Internet Archive version dated Feb 13, 2002)</ref> opposing the national editorial policy, and the reporters among them participated in a ], refusing to sign their names to their stories in the newspaper in protest. Management responded with a ]. The next year, several journalists left '']'' over similar conflicts, and ten journalists at '']'' were reprimanded or suspended after a byline strike to protest censorship of coverage of a speech in ] by '']'' columnist and Canwest critic ].


Although Goldman, Catalyst, and the Aspers continued to work on their own bid after the Shaw agreement, Shaw announced a revised agreement, following court-ordered mediation, under which it would purchase the entirety of Canwest's broadcasting operations, including the portion owned by Goldman.<ref name="cbc-shaw-may">{{cite news|url=http://www.cbc.ca/news/business/torstar-confirms-canwest-bid-1.873641|title=Torstar confirms Canwest bid: Shaw wins Goldman support to buy TV assets|work=CBC News|date=May 3, 2010|access-date=2015-10-19}}</ref> This deal was later modified following a second court-ordered mediation to include a settlement agreement between Shaw, creditors, and the Official Ad Hoc Committee of Shareholders, led by the Aspers, Blott Asset Management, L.L.C. and two other hedge funds.<ref>. Toronto Sun. June 21, 2010.</ref> This marked the first successful equity committee campaign in Canada under CCAA. A modified deal, including the Settlement Agreement, received the approval of the Ontario Superior Court on June 23, 2010,<ref>{{cite web|url=http://cfcanada.fticonsulting.com/cmi/docs/Endorsement%20re%20Motion%20to%20Approve%20Amended%20Transaction%20Documents%20and%20Authorize%20Calling%20of%20a%20Meeting.pdf|title=Court File No. CV-09-8396-00CL – REASONS FOR DECISION GRANTED JUNE 23, 2010|archive-url=https://web.archive.org/web/20120425231721/http://cfcanada.fticonsulting.com/cmi/docs/Endorsement%20re%20Motion%20to%20Approve%20Amended%20Transaction%20Documents%20and%20Authorize%20Calling%20of%20a%20Meeting.pdf|archive-date=April 25, 2012|url-status=live}}</ref> the ] as of August 13, 2010,<ref>. Digitalhome.ca.</ref> and was given final approval from the ] on October 22, 2010, with Canwest delisting itself from the TSX and officially ceasing operations that same month.<ref>{{cite web|url=http://cfcanada.fticonsulting.com/cmi/docs/Order.pdf |title=Court File No. CV-09-8396-00CL – ORDER (CMI TRANSITION) |date=October 21, 2011 |access-date=February 4, 2013 |publisher=FTI Consulting Canada Inc. |archive-url=https://web.archive.org/web/20120425231733/http://cfcanada.fticonsulting.com/cmi/docs/Order.pdf |archive-date=April 25, 2012 |url-status=live }}</ref><ref>. ''Broadcaster Magazine'' (September 20, 2010).</ref> Final closing would officially occur in October 2011 following the official CMI Transition Order. Meanwhile, Shaw Communications reorganized Canwest into ].
Upon acquiring Southam's Newspapers from Hollinger International, Israel Asper continued Conrad Black's policy of 'blacklisting' influential Canadian world and military affairs journalist ]'s internationally published articles. This antipathy was prompted by Dyer's views on conflict in the Middle East and his opposition to ], which run contrary to the ideological views of Asper and others on Canwest's board of directors then and today. Partially as a response to this, Dyer published a collection of his articles on the Middle East and related topics called '']'' in 2005.


<!--On January 9, 2013, Alliance Films was acquired by ].<ref></ref><ref>Tartaglione, Nancy. '']'' (September 7, 2012)</ref><ref>Tartaglione, Nancy. ''Deadline Hollywood'' (January 9, 2012)</ref><ref>{{cite news| url=https://www.cbc.ca/news/business/entertainment-one-ready-to-close-alliance-deal-1.1375283 |title=Entertainment One ready to close Alliance deal|agency=Canadian Press|date=January 3, 2013| work=CBC News}}</ref>-->
Canwest newspapers and broadcast outlets in British Columbia are regularly criticized for giving a "free ride" to the ] government of Premier ], especially in relation to the scandals and controversies ensuing from the privatization of ] but also in cooperating with the government's manipulation of information for political purposes, such as the suppression of the actual scale of the deficit or welfare rates in advance of the 2009 election. Conversely, coverage of the New Democratic Party is criticized as being unfairly negative.<ref></ref><ref></ref><ref></ref> Canwest is one of the major campaign contributors to the BC Liberal party and gives regular column space to pundits from the conservative libertarian think tank, the ] (one such regular contributor being the Premier's brother, Michael).
After bankruptcy proceedings concluded under the ], Canwest, by this point known as ''2737469 Canada, Inc.'', finally dissolved on May 27, 2013. Asper, through his Syngus Corp. holding company, went on to establish ] in 2010 and has since grew into the portfolio through the ownership of ], ], ] and ].


In April 2016, the Shaw Media assets were subsumed by Shaw's sister company ].<ref name="crtc-2016110">{{cite web|title=Broadcasting Decision CRTC 2016-110|date=March 23, 2016|url=http://www.crtc.gc.ca/eng/archive/2016/2016-110.htm|publisher=CRTC|access-date=March 23, 2016}}</ref><ref name="corus-shawcomplete"/>

==Corporate governance==

===Board of directors===
The last members of the ] of the company were ], David Drybrough, David Kerr, ], ], Lisa Pankratz, ], ], and ].<ref>{{cite web|url=http://www.canwest.com/investors/boardOfDirectors.asp |title=Canwest Board of Directors |access-date=2010-10-27 |url-status=dead |archive-url=https://web.archive.org/web/20100919032145/http://canwest.com/investors/boardOfDirectors.asp |archive-date=September 19, 2010 }}</ref> Gail Asper, David Asper, and Lisa Pankratz resigned from the board, and from all other director and officer positions within Canwest and its subsidiaries, on February 10, 2010.<ref>{{cite news | url=http://www.businesswire.com/news/home/20100210005813/en/Canwest-announces-Board-Directors21-EC6E-4704-B8BE-48BE7A5EC9D2%7d&symb=CGS | title=Canwest announces further changes to its Board of Directors | newspaper=Business Wire| date=February 10, 2010 | access-date=2015-10-19}}</ref>

==Editorial controversies==
Since the 2000 acquisition of the major former Canadian newspaper holdings of ]'s ] (now ]), including ], opposition has been expressed by some journalists, union spokespersons, politicians, and pundits about Canwest's enforcement of its corporate editorial positions. A 2001 decision to run regular uniform national ]s in all metropolitan dailies (except '']''), whereby local ]s could not take local positions on subjects of national editorials, ignited major national controversy and was subsequently withdrawn.

Conflict over Canwest editorial control and policy has focused in particular on three issues:

* The ]. Since Israel Asper's leadership of the ], the Asper family has been identified with Liberal politics and politicians. In July 2001, Southam national affairs columnist ] was fired after a column of his critical of Liberal ] ] was not published. ], longtime publisher of '']'', was fired in June 2002 after the newspaper published a series of articles exposing a financial scandal involving Prime Minister Chrétien,<ref>{{cite news|url=http://www.cbc.ca/news/canada/citizen-publisher-fired-after-critical-coverage-of-pm-1.330360|work=CBC News|title=Citizen publisher fired after critical coverage of PM|date=June 18, 2002}}</ref> and called on him to resign. Canwest newspapers and broadcast outlets in British Columbia were criticized for giving a "free ride" to the ] government of Premier ], while coverage of the ] was criticized as being unfairly negative.<ref>. Retrieved August 2, 2009.</ref><ref>. Retrieved August 2, 2009.</ref><ref>{{usurped|1=}}, ''Republic of East Vancouver''. Retrieved August 2, 2009.</ref> However, as of 2006, at least one Asper family member (]) was publicly supporting the ].<ref>{{cite news |title=Harper promises Toronto a place in government |publisher=CBC News|date=January 18, 2006 |url=http://www.cbc.ca/news/canada/harper-promises-toronto-a-place-in-government-1.583371 |access-date=2015-10-19}}</ref>
* The government of ] and conflict in the ]. Veteran '']'' reporter Bill Marsden has said that the Aspers "do not want any criticism of Israel. We do not run in our newspaper ] pieces that express criticism of Israel and what it is doing."<ref>{{cite news |title=Journalists are under fire for telling the truth |first=Robert |last=Fisk |author-link=Robert Fisk |url=https://www.independent.co.uk/voices/commentators/fisk/robert-fisk-journalists-are-under-fire-for-telling-the-truth-136445.html |newspaper=] |location=London, UK |date=December 18, 2002 |access-date=2015-10-19}}</ref><ref>{{cite news |title=Press for peace |url=http://queensjournal.ca/articlephp/point-vol129/issue37/editorials/lead2 |newspaper=] |publisher=] |location=Ontario |date=March 15, 2002 |access-date=December 18, 2004 |archive-url=https://web.archive.org/web/20040920090121/http://queensjournal.ca/articlephp/point-vol129/issue37/editorials/lead2 |archive-date=September 20, 2004}}</ref> A study released in 2006 by the Near East Cultural and Educational Foundation of Canada found that the '']'' was 83.3 times more likely to report an Israeli child's death than a Palestinian child's death in its news articles' headlines or first paragraphs.<ref name="The Georgia Straight">{{cite web|url=https://www.straight.com/article-153833/canwest-huffs-and-puffs-free-speech-burns|title=Canwest huffs and puffs while free speech burns|work=]|date=July 17, 2008|access-date=2009-04-14}}</ref> In 2008 Canwest launched a lawsuit against the Palestine Media Collective for producing a newspaper parody of '']'' that satirized this bias.<ref name="The Georgia Straight"/> In 2004, the ] news agency protested after Canwest altered ] stories about the ] and the ], such that Reuters felt it had inserted Canwest's own ] under Reuters ]s. The changes were apparently made in accordance with a Canwest policy to label certain groups as terrorists.<ref>{{Cite news |last=Austen |first=Ian |date=2004-09-20 |title=Reuters Asks a Chain to Remove Its Bylines |language=en-US |work=The New York Times |url=https://www.nytimes.com/2004/09/20/business/media/reuters-asks-a-chain-to-remove-its-bylines.html |access-date=2015-10-19 |issn=0362-4331}}</ref><ref>{{cite news |date=September 17, 2004 |title=Newspapers accused of misusing word 'terrorist' |work=CBC News |publisher=] |url=https://www.cbc.ca/news/canada/newspapers-accused-of-misusing-word-terrorist-1.489670 |access-date=September 18, 2004 |url-status=live |archive-url=https://web.archive.org/web/20040919044624/http://www.cbc.ca/story/canada/national/2004/09/17/canwesterrorist040917.html |archive-date=September 19, 2004}}</ref> Ottawa Citizen, a newspaper in the Canwest chain, made similar changes to a story by ].<ref>{{cite news |title=Reuters upset by CanWest's misuse of 'terrorist' |url=http://ottawa.cbc.ca/regional/servlet/View?filename=ot_reuters20040917 |publisher=] |date=September 17, 2004 |access-date=December 18, 2004 |archive-url=https://web.archive.org/web/20041208123259/http://ottawa.cbc.ca/regional/servlet/View?filename=ot_reuters20040917 |archive-date=December 8, 2004}}</ref>
* Canwest editorial control and management itself. In December 2001, staff members at '']'' launched a ''Gazette Newsroom'' web page with an open letter, titled ''Media Giant Silences Local Voices: Canadian Journalism Under Attack'', that got signed by 77 Gazette journalists as of 2002 January 23,<ref>{{cite news |date=December 10, 2001 |title=Media Giant Silences Local Voices: Canadian Journalism Under Attack |work=Gazette Newsroom |publisher=Federation Professionnelle Des Journalistes du Quebec |url=http://www.fpjq.org/canwest/index.html |access-date=December 18, 2004 |archive-url=https://web.archive.org/web/20020213045856/http://www.fpjq.org/canwest/index.html |archive-date=February 13, 2002}}</ref> opposing the national editorial policy, and the reporters among them participated in a ], refusing to sign their names to their stories in the newspaper in protest. Management responded with a ]. The next year, several journalists left '']'' over similar conflicts, and ten journalists at '']'' were reprimanded or suspended after a byline strike to protest censorship of coverage of a speech in ] by '']'' columnist and Canwest critic ].

==See also==
* ]


==References== ==References==
{{reflist}} {{reflist|colwidth=30em}}

==Further reading==
* Edge, Marc. ''Asper Nation: Canada's Most Dangerous Media Company'' (Vancouver: New Star Books 2007) ]&nbsp;].
* Edge, Marc. "Thwarting Foreign Ownership Limits: Policy Activism by CanWest Global Communications in Canada and Australia." ''Canadian Journal of Media Studies'' 5 (2009) pp: 70–87.


==External links== ==External links==
* *
* (]) * ('']'')
* (]/]) * (TNG Canada/])
*
*
* (PDF)


{{CanWest Global Communications}}
{{Winnipeg Corporations}} {{Winnipeg Corporations}}
{{Corus Entertainment}}
{{Postmedia}}


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Latest revision as of 01:13, 21 December 2024

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2737469 Canada Inc.
Final logo used from 2004 to 2010
Canwest's headquarters at 201 Portage Avenue
FormerlyCanwest Global Communications Corporation
Company typePublic
Traded asTSX: CGS
TSX: CGS.A
NYSE: CWG
IndustryMass media
Founded1974; 51 years ago (1974)
FounderIzzy Asper
DefunctOctober 27, 2010; 14 years ago (2010-10-27) (operations)
May 27, 2013; 11 years ago (2013-05-27) (dissolution)
FateBankruptcy and liquidation
SuccessorShaw Media (broadcasting) and Postmedia Network (publishing spin-off)
Headquarters201 Portage Avenue, Winnipeg, Manitoba, Canada
Area servedCanada, Australia, New Zealand, Ireland, United Kingdom, Turkey
Key peopleDerek H. Burney
(Chairman of the Board)
RevenueC$ 2.867 billion (2009)
Operating incomeC$ 197 million (2009)
Net incomeC$ −1.689 billion (2009)
Total assetsC$ 3.876 billion (1Q 2010)
Total equityC$ −449 million (1Q 2010)
Number of employees12,072 (May 2009)
Footnotes / references

Canwest Global Communications Corporation, which operated under the corporate name Canwest, was a major Canadian media conglomerate based in Winnipeg, Manitoba, with its head offices at Canwest Place (Now called 201 Portage). It held radio, television broadcasting, and publishing assets in several countries, primarily in Canada.

Canwest was founded in 1974 by Izzy Asper through the formation of CIII-TV in Toronto under the Global Television Network. The company expanded through the 1980s and 1990s, with the initial public offering in 1991 as a publicly traded corporation and the international expansion of its operations in Ireland, Australia, New Zealand, United Kingdom and Turkey. Throughout the years, under Leonard Asper, who became its president and CEO in 1999, Canwest grew into a major media powerhouse by acquiring media properties such as Western International Communications and the Southam newspaper publishing. In 2007, with Goldman Sachs, Canwest acquired the broadcasting arm of Alliance Atlantis.

After years of debt, Canwest began to slowly collapse in 2008, amid the Great Recession and later entered bankruptcy protection in late 2009, which led to the sales of its publishing and broadcasting arms the following year to Postmedia Network, founded by National Post CEO Paul Godfrey and Shaw Communications, which later reorganized its media division as Shaw Media. On April 1, 2016, the broadcasting assets were subsumed into Corus Entertainment, an existing broadcasting firm also owned by the Shaw family.

Following the sale of assets, the company was renamed 2737469 Canada Inc., ceased to carry on business, and commenced bankruptcy proceedings under the Bankruptcy and Insolvency Act before finally being dissolved on May 27, 2013.

Operations

See also: List of assets owned by Corus Entertainment

As of April 2009 (prior to seeking creditor protection), Canwest owned, in whole or part, a variety of Canadian media assets, including:

The company had previously sold off some of the smaller newspapers it had acquired in the Southam purchase. Canwest also previously owned broadcasting operations in Australia (as majority shareholder of Network Ten), New Zealand (through CanWest MediaWorks New Zealand), the Republic of Ireland (as a minority shareholder of TV3) and Turkey (as the owners of four radio stations).

History

Beginnings

In 1974, a group led by Israel Asper bought the assets of Pembina, North Dakota television station KCND-TV from broadcaster Gordon McLendon, moving the station to Winnipeg as an independent station CKND-TV. Asper, through his company, Canwest, eventually bought out his partners in the Winnipeg station. A few months later, the Asper group joined a consortium that bought CKGN-TV, a network of six simulcasting transmitters across Ontario that carried many of CKND's programs and was known on-air as the Global Television Network. Canwest bought controlling interest in Global, now using the callsign CIII-TV, in 1985, thus becoming the first western-based owner of a major Canadian broadcaster. He acquired the remaining stock in 1989.

Canwest subsequently invested in or acquired other independent TV stations across Canada. Eventually, his station group became known as the "Canwest Global System." In 1997, Canwest bought a controlling interest in CKMI-TV, the privately owned CBC affiliate in Quebec City. Canwest then set up CKMI rebroadcasters in Montreal and Sherbrooke. With this move, Canwest's stations now had enough coverage of Canada that on August 18—the day CKMI officially disaffiliated from CBC—Canwest scrubbed all local brands from its stations, rebranding them as "The Global Television Network," Canada's third television network. Throughout the 1990s, Global (and its antecedents) held Canadian rights to hit U.S. series such as Cheers, Friends, and Frasier.

Canwest also bought broadcasting assets internationally, including outlets in New Zealand, the Republic of Ireland, and Australia, although all were eventually sold off. In 1991, Canwest issued a successful initial public offering on the Toronto Stock Exchange. In June 1996, Canwest was listed on the New York Stock Exchange.

Beyond broadcasting and the newspapers

Lacking a presence in Alberta, the company set its sights on Western International Communications, which owned three independent stations in that province that carried Global programming. It eventually bought that company's broadcasting assets in 2000. This not only boosted Global's coverage in western Canada but prompted the establishment of a second over-the-air service, originally known as CH, since in some areas the combined company had duplicate over-the-air coverage through multiple stations. Later that year, Canwest announced its acquisition of the Southam newspaper chain from Conrad Black, in order to pursue a media convergence strategy.

The CanWest logo used from 1997 to 2008.

Canwest was initially slow to invest in specialty channels due to the strength of its terrestrial network. In 1999, seeking to change this, the company announced a deal to buy out the Canadian partners of NetStar Communications, owner of TSN, but was stymied by U.S. partner ESPN, which had veto power over such a sale. ESPN instead came to terms with Canwest's main rival CTV, a longtime business partner of ESPN's parent company Disney, as an acceptable buyer, which the selling partners eventually agreed to.

In an effort to get into the entertainment business, the company had bought out producer/distributor Fireworks Entertainment in 1998, and gained interest in Seven Arts Pictures, a film production company. CanWest would sell its entertainment unit in 2005.

In 2005, CanWest launched a new website, canada.com, which served as a digital media platform for its rebranded brands in the digital space. These brands encompassed various local news outlets, major newspapers, and other media entities. The brands were collectively presented under the "canada.com Network" and included the following (as listed in the website footer): Newspapers: National Post, Calgary Herald, Edmonton Journal, The Montreal Gazette, Ottawa Citizen, Regina Leader Post, The Saskatoon Star Phoenix, The Vancouver Sun, The Vancouver Province, Victoria Times Colonist, The Windsor Star, Dose, Vancouver Island Newspaper, VANNEET Newspaper; Television: Global, CH, Prime TV, Fox Sports World Canada, Lonestar, Mystery, Xtreme Sports, Deje View, mentv, Cool TV; Radio: CoolFM 99.1, 91.5 The Beat; Marketplace: working.com, driving.ca, connecting, celebrating, remembering, homes. The website experience revolved around news, city guides, activities, and events to enhance advertising revenue. The site was developed by Cossette/Fjord based in Toronto, Canada, in 2005.

In October 2005, CanWest's Canadian newspapers were sold into an IPO trust. Sold 25.8% of Canada's newspapers for C$550 million. Attached to the Canadian newspaper IPO was $850 million in long-term debt. CanWest bought back the 25.8% Newspaper Trust IPO (and debt) in November 2008, for cash considerations of $495 million. In April 2006, Canwest acquired four radio stations in Turkey: Super FM, Metro FM, Joy FM and Joy Turk FM from The Turkish Savings and Deposit Insurance Fund for aggregate cash consideration of US$61 million.

The company was already one of the largest owners of Canadian local TV stations when Canwest and Goldman Sachs in 2007 announced they would jointly acquire Canadian producer and competing broadcaster Alliance Atlantis and its massive stable of wide-distribution specialty channels. Under the deal, Canwest took control of the broadcasting portion of AAC, although Goldman Sachs remained a major investor in those assets. Goldman retained or resold the remaining pieces of AAC, the distribution arm soon re-emerging as Alliance Films.

Canwest executives testified in the Canadian Radio-television and Telecommunications Commission hearings over fee-for-carriage, requesting that the commission force cable and satellite companies to pay for their signals without passing the fees on to their subscribers. In his testimony, Canwest president Leonard Asper blamed the current rules for the poor financial condition of Canada's broadcast television stations, a position which has subsequently been adopted and addressed through rule changes by the CRTC and FCC.

Restructuring, creditor protection, bankruptcy, and liquidation

Canwest's various acquisitions took a significant financial toll. As early as 2002, most of Canwest's operating income was going to pay interest on its high-interest-rate debt. By 2007, the company's bonds were downgraded to junk status. By early 2009, it became clear the company's debt was not manageable during the Great Recession, forcing Canwest into an extended set of negotiations with its lenders and a series of cost-cutting moves. The company's income statements reported net losses in 2008 and 2009, even though its operating activities were profitable (before taxes, interest, and non-operating charges: C$197 million in 2009, vs. C$428 million in 2008).

In May 2009, Canwest sold off four radio stations in Turkey to Spectrum Medya.

On August 31, 2009, Canwest shut down its secondary system E! (the former CH). Three of the former E! owned-and-operated stationsCHCH Hamilton, CHEK Victoria, and CJNT Montreal – were sold to third parties, while a fourth, CHBC Kelowna, was converted to a Global station. The remaining station, CHCA Red Deer, was closed as of the same date.

On September 24, the company announced that it would sell its 50.1% stake in Ten Network Holdings for A$680 million, in order to pay down its significant debt. The sale of CanWest's Australian media operations reduced some C$582-million in debt tied to the Australian TV network, raising the total value Canwest can erase from its overall debt to more than C$1.2-billion. Before the Ten deal, Canwest held about C$3.8-billion of debt on its balance sheet. In court documents, Goldman Sachs alleges "fraudulent" and "abusive" changes to the internal operation of Canwest in the days before it filed for creditor protection. As part of the filing, the Wall Street investment bank is seeking to undo these changes, and has also claimed that CanWest's creditors should return the C$426 million they received from Canwest balance sheet in September, after CanWest sold its stake in Ten.

On October 6, the company voluntarily filed for creditor protection under the CCAA, due to C$4 billion mounting debt across radio, television broadcasting and publishing assets in several countries. At the same time it announced it had agreed to a recapitalization transaction with some of its lenders, which will likely require the approval of the Canadian Radio-television and Telecommunications Commission (CRTC). When completed, bondholders – led by hedge funds West Face Capital, GoldenTree Asset Management, and Beach Point Capital Management – will own a majority of shares, leaving existing shareholders, including the Asper family, with a total of 2.3% of the "new" Canwest. However, the Aspers are expected to invest a further C$15 million in the restructured entity.

In January 2010, CanWest's bonds commanded about 70 cents on the dollar. CanWest's bonds at one point traded for as little as 15 cents on the dollar. Several sources say that as CanWest notes increased fivefold in price, distressed-debt funds took profits on part of their position, with Angelo Gordon among the buyers.

On February 3, 2010, it was reported that a group led by Golden Tree Asset Management LP complained that "it was unfairly frozen out of the auction of Canwest Limited Partnership."

As part of the transaction, Canwest and some of its subsidiaries, including Canwest Media Inc., The National Post Company, and Canwest Television LP (the licensee of Global, MovieTime, DejaView, and Fox Sports World Canada) filed for creditor protection under the Companies' Creditors Arrangements Act. Canwest Limited Partnership, a subsidiary that owns the company's other newspaper assets and online properties, is negotiating separately with creditors and is expected to file for creditor protection at a later date. Specialty channels operated in partnership with other companies (such as TVtropolis, Mystery TV, MenTV, and the former Alliance Atlantis properties) are also not included in the present filing. Canwest shares were also suspended from trading on the TSX.

Canwest said that it was not being liquidated at this point, and the company insisted that the proceedings would make Canwest "a stronger industry competitor with a renewed financial outlook." Nevertheless, some analysts expected that the conglomerate would sell assets or be broken up entirely as the restructuring process continues, noting that the publishing division has a separate set of lenders. As it turned out, the company would indeed be broken up.

Sale of assets to Shaw and Postmedia

In February 2010, the company announced an agreement with Shaw Communications whereby the latter company would buy an 80% voting interest, and 20% equity interest, in the restructured entity, pending approvals from the Canadian Radio-television and Telecommunications Commission (CRTC) and others. The company's newspapers were not part of the Shaw deal and were already sold separately to Postmedia Network. However, the Asper family with Goldman and Catalyst made their own bid to retake Canwest with a $120 million bid in competition with the bid proposed by Shaw Communications. On February 25, 2010, it was announced that Shaw Communications had won a court battle to continue their plans to purchase assets & voting shares from Canwest. After the announcement, Shaw revealed that its investment amounted to a minimum of $95-million in exchange for 20 percent of the equity and an 80 percent voting interest in the restructured company.

Although Goldman, Catalyst, and the Aspers continued to work on their own bid after the Shaw agreement, Shaw announced a revised agreement, following court-ordered mediation, under which it would purchase the entirety of Canwest's broadcasting operations, including the portion owned by Goldman. This deal was later modified following a second court-ordered mediation to include a settlement agreement between Shaw, creditors, and the Official Ad Hoc Committee of Shareholders, led by the Aspers, Blott Asset Management, L.L.C. and two other hedge funds. This marked the first successful equity committee campaign in Canada under CCAA. A modified deal, including the Settlement Agreement, received the approval of the Ontario Superior Court on June 23, 2010, the Competition Bureau as of August 13, 2010, and was given final approval from the CRTC on October 22, 2010, with Canwest delisting itself from the TSX and officially ceasing operations that same month. Final closing would officially occur in October 2011 following the official CMI Transition Order. Meanwhile, Shaw Communications reorganized Canwest into Shaw Media.

After bankruptcy proceedings concluded under the Bankruptcy and Insolvency Act, Canwest, by this point known as 2737469 Canada, Inc., finally dissolved on May 27, 2013. Asper, through his Syngus Corp. holding company, went on to establish Anthem Media Group in 2010 and has since grew into the portfolio through the ownership of Impact Wrestling, AXS TV, Fight Network and GameTV.

In April 2016, the Shaw Media assets were subsumed by Shaw's sister company Corus Entertainment.

Corporate governance

Board of directors

The last members of the board of directors of the company were Derek Burney, David Drybrough, David Kerr, Leonard Asper, Izzy Asper, Lisa Pankratz, Frank McKenna, David Asper, and Gail Asper. Gail Asper, David Asper, and Lisa Pankratz resigned from the board, and from all other director and officer positions within Canwest and its subsidiaries, on February 10, 2010.

Editorial controversies

Since the 2000 acquisition of the major former Canadian newspaper holdings of Conrad Black's Hollinger International (now Sun-Times Media Group), including Canwest News Service, opposition has been expressed by some journalists, union spokespersons, politicians, and pundits about Canwest's enforcement of its corporate editorial positions. A 2001 decision to run regular uniform national editorials in all metropolitan dailies (except National Post), whereby local editorial boards could not take local positions on subjects of national editorials, ignited major national controversy and was subsequently withdrawn.

Conflict over Canwest editorial control and policy has focused in particular on three issues:

  • The Liberal Party of Canada. Since Israel Asper's leadership of the Manitoba Liberal Party, the Asper family has been identified with Liberal politics and politicians. In July 2001, Southam national affairs columnist Lawrence Martin was fired after a column of his critical of Liberal Prime Minister Jean Chrétien was not published. Russell Mills, longtime publisher of The Ottawa Citizen, was fired in June 2002 after the newspaper published a series of articles exposing a financial scandal involving Prime Minister Chrétien, and called on him to resign. Canwest newspapers and broadcast outlets in British Columbia were criticized for giving a "free ride" to the BC Liberal government of Premier Gordon Campbell, while coverage of the New Democratic Party was criticized as being unfairly negative. However, as of 2006, at least one Asper family member (David Asper) was publicly supporting the Conservatives.
  • The government of Israel and conflict in the Middle East. Veteran Montreal Gazette reporter Bill Marsden has said that the Aspers "do not want any criticism of Israel. We do not run in our newspaper op-ed pieces that express criticism of Israel and what it is doing." A study released in 2006 by the Near East Cultural and Educational Foundation of Canada found that the National Post was 83.3 times more likely to report an Israeli child's death than a Palestinian child's death in its news articles' headlines or first paragraphs. In 2008 Canwest launched a lawsuit against the Palestine Media Collective for producing a newspaper parody of The Vancouver Sun that satirized this bias. In 2004, the Reuters news agency protested after Canwest altered newswire stories about the Iraq war and the Israeli–Palestinian conflict, such that Reuters felt it had inserted Canwest's own bias under Reuters bylines. The changes were apparently made in accordance with a Canwest policy to label certain groups as terrorists. Ottawa Citizen, a newspaper in the Canwest chain, made similar changes to a story by Associated Press.
  • Canwest editorial control and management itself. In December 2001, staff members at The Montreal Gazette launched a Gazette Newsroom web page with an open letter, titled Media Giant Silences Local Voices: Canadian Journalism Under Attack, that got signed by 77 Gazette journalists as of 2002 January 23, opposing the national editorial policy, and the reporters among them participated in a byline strike, refusing to sign their names to their stories in the newspaper in protest. Management responded with a gag order. The next year, several journalists left The Halifax Daily News over similar conflicts, and ten journalists at The Regina Leader-Post were reprimanded or suspended after a byline strike to protest censorship of coverage of a speech in Regina by Toronto Star columnist and Canwest critic Haroon Siddiqui.

See also

References

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Further reading

  • Edge, Marc. Asper Nation: Canada's Most Dangerous Media Company (Vancouver: New Star Books 2007) ISBN 978-1-55420-032-0.
  • Edge, Marc. "Thwarting Foreign Ownership Limits: Policy Activism by CanWest Global Communications in Canada and Australia." Canadian Journal of Media Studies 5 (2009) pp: 70–87.

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