Canwest

About Canwest

In 1974, lawyer and one-time politician Izzy Asper launched a Winnipeg television station, CKND, laying the first stone of what would become the Canwest Global Communications empire. Through the 70s and 80s, Asper methodically acquired television stations across Canada, forming the Global Television Network. The company went public on the Toronto Stock Exchange in 1991, fueling an aggressive international expansion into New Zealand, Australia, and Ireland. A pivotal moment arrived in 2000 when Canwest, then led by Izzy's son Leonard, completed a massive $3.2 billion acquisition of Conrad Black's Hollinger newspaper chain. This deal, which included major dailies and the National Post, was financed with significant debt. This move created a converged media giant with vast television and print assets. The company's debt load grew further in 2007 with the purchase of Alliance Atlantis's broadcasting arm. The company’s immense debt became its undoing. By 2009, crippled by debt payments and declining advertising revenue during the global recession, Canwest filed for creditor protection. This triggered the breakup of the empire. In 2010, the company's publishing assets were sold for $1.1 billion to a creditor group that formed Postmedia Network. The broadcasting assets were sold separately to Shaw Communications.