The price of CanWest shares on the TSX is down from a 52-week high of 8.28 to a low — at the time of this posting — of 1.10. Analysts have noticed; the Globe and Mail reported: “With advertising down at its newspapers and contributions from its Australian television holdings fading, TD Newcrest says CanWest Global Communications Corp.’s shares aren’t worth the risk.”
Media stocks on the TSX Top 200 list are, like everything in this fall’s economic mad house, struggling. But while not a perfect comparison to CanWest, some other companies on that TSX list seem not to be struggling as hard. TorStar is at 11.22 from a 52-week high of 19.98. Corus Entertainment is at 16.88 from a 52-week high of 25.92. Cogego Inc. is at 27.77 from a 52-week high of 40.99. TVA Group is at 10.99 from a high of 17.50.
A question: with CanWest controlling so much of the journalism available to Canadian citizens, does this mean anything for the craft of Canadian journalism and for the quality of public information?