Canwest sells New Republic

Canwest Global Communications Corp. announced it has sold The New Republic back to the editor it bought the magazine from two years ago, according to a Canadian Press report.

The purchase amount was not disclosed.

Martin Peretz, editor-in-chief of the American political magazine, along with a group of private investors, has bought the magazine from the Canadian media giant.

Canwest bought a thirty per cent of the magazine in 2006 for about US$2-million, and picked up the rest in 2007 for US$5-million.

Canwest spokesman John Douglas told CP:

“We’ve been talking for quite some time about the fact that we’re cleaning up our balance sheet and shedding non-core assets.”