Just days after purchasing the shares from money men Roger Hertog and Michael Steinhardt, Canadian media giant Can West has completely bought out the New Republic.
The Observer first reported in Dec. 2006 (2nd item) that CanWest was taking a majority stake in the company. That was confirmed on Feb 23. Instead of just majority interest, CanWest now owns 100% of the company.
Marty Peretz, who no longer owns part of the magazine, for the first time since 1974, will remain as Editor in Chief.
Full release after the jump
For Immediate Release:
February 27, 2007
CanWest Buys The New Republic
Toronto, ON: – CanWest Global Communications Corp. (“CanWest”) today announced that a wholly owned subsidiary has acquired a 100% interest in The New Republic, a 93 year old United States based political magazine. This acquisition follows the purchase by CanWest in 2006 of a 30% interest.
“The New Republic, similar to CanWest’s other publications, has a strong foundation and a proud history. We look forward to seeing it become even stronger” said Tom Strike, President of CanWest MediaWorks International. “In today’s media environment, we need to place a priority on delivering quality content to readers when, where and how they want it. The New Republic is well-positioned to do just that”.
The magazine and its website are currently undergoing a major overhaul. The makeover includes a new frequency of publication, bigger issues and a new reader-friendly design. The enhanced website will be launched soon with more daily digital content.
Greg MacNeil, a well-respected veteran of Canadian publishing, is acting as Interim Publisher. Marty Peretz will continue as Editor-in-Chief.