The Shotgun Blog
Thursday, April 30, 2009
Dolphin checks in on the print 'flu'
CanWest Global (née Southam) is, as most of you will know, tottering on the rim of the toilet. Seems like that curse I threw CanWest's way in 2003 when those spineless (expletive deleted) fired me for upsetting the Indian industry is having its effect.
With CanWest's share price down to around 25 cents (from $20 in 2000), a debt-load of $4 billion dollars, and the creditors unlikely to extend the latest deadline for repayment beyond May 5, it looks like curtains for the house that Southam built. Good on Conrad Black for unloading that turkey on Izzy Asper when it was just an egg for $3.2 billion. Conrad's bloviations in Saturday's National Post notwithstanding ("...the great newspaper trademarks and some of the long-ingrained habits of newspaper reading, should prove to be durable..."), it is obvious that he read the writing on the wall that the late Izzy missed. Izzy's sons and heirs, who bought Alliance Atlantis' specialty TV channels (Showcase, History. Food Network and a few others) for $2.7 billion at the peak of the market in early 2007, unwittingly multiplied the misery.
One is only left to wonder which of the pieces of the doomed corporation will be picked up and by whom? Too bad that the Post will probably be one of the unprofitable pieces no one wants. It was nice to have at least one conservative newspaper for those whose lips don't move when they read...
To read the rest of my latest posting, please go to www.dolphin.com.
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