Folio: is reporting that Martin Peretz, editor-in-chief and former longtime part owner of The New Republic, is in negotiations to buy back the assets of the magazine from CanWest Global Communications.

CanWest gobbled up the American TNR in Feb. 2007. At the time, it seemed like a good fit for CanWest and its controlling Asper family. The New York Times reported then that Peretz — who retained a quarter interest in the company — was “known for his neo-conservative bent and support for Israel.”