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.”