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.

-Michael Calderone

Full release after the jump

NEWS RELEASE
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.