Defying earlier denials, media conglomerate Canwest is preparing to liquidate its newspaper assets, even as it expands its television presence. Within a month it will be delisted from the Toronto Stock Exchange.
Through a partnership with U.S.-based Scripps Interactive, Canwest on Monday launches Do-It-Yourself Network, featuring shows such as Sweat Equity and Kitchen Impossible, the company announced today. Meanwhile, as part of its bankruptcy process, Canwest is bringing its newspaper holdings back into the fold in order to shield those assets from creditors as well, CBC News reported following Canwest's announcement.
The National Post had already sought creditor protection, but is being rehabilitated for upcoming sale, Reuters reported today. The Post currently shares content with CBC News, possibly as a cost-cutting device. All of Canwest's newspaper assets together have been estimated to be worth more than US$1 billion, Canadian Press reported yesterday.
Rehabilitation issues aside, Canwest yesterday also was warned by the Toronto Stock Exchange that it woud be delisted as of November 13, Canadian Press reported following the warning. Until then, further trading in the company has been suspended, China News Wire reported.