Canwest Sells THE NEW REPUBLIC

WASHINGTON, March 10 /PRNewswire/ — Canwest Global Communications Corp. (“Canwest”) announced yesterday that it has sold THE NEW REPUBLIC to a group of private investors and Martin Peretz. “We are grateful to Canwest for its partnership,” said Peretz, the magazine’s long-time editor-in-chief. “I am confident that with this new ownership we have a strong financial future and editorial direction. I believe that we can continue to build on this institution’s proud history even through these difficult economic times.”

Added Laurence Grafstein, a member of the investor group who once interned at the magazine: “We firmly believe in THE NEW REPUBLIC’s editorial mission and its leadership and are deeply impressed by the business opportunities afforded by its world-class content.”

Under Canwest’s ownership, THE NEW REPUBLIC relaunched its print magazine and enhanced its online product to great acclaim. The changes improved the magazine’s financial footing. Canwest determined the magazine was no longer core to its strategy.

SOURCE Canwest