Canadian consortium bidding on three Canwest papers

Three Canadian media moguls have joined forces in a bid for three of Canwest’s daily newspapers. Jerry Grafstein, Raymond Heard, and Beryl Wajsman announced today that they are leading a consortium of local investors to acquire Montreal’s The Gazette, the Ottawa Citizen, and the National Post. The bidders say they have received strong financial commitments from unspecified sources, and promise additional members of the group will be revealed shortly. However, the three papers are currently part of a larger group of 11 publications which are operating under bankruptcy protection and the chain is for sale as a whole. The consortium said it believes the newspapers would benefit from more local involvement to produce timely, informative, and grassroots journalism to reflect upon the diverse communities that they serve.

Toronto Star