February 27, 2007 / 10:05 PM / 13 years ago

CanWest buys New Republic magazine in U.S.

TORONTO (Reuters) - CanWest Global Communications Corp., Canada’s biggest media company, has bought complete ownership of The New Republic, the 93-year-old U.S. political magazine, it said on Tuesday.

CanWest, which owns a chain of Canadian daily newspapers and has radio and television operations in Canada, Australia and New Zealand, did not disclose the purchase price. It already owned 30 percent of the magazine after buying the stake last year.

Winnipeg, Manitoba-based CanWest said The New Republic and its Web site are “currently undergoing a major overhaul,” including changes to how often it publishes, bigger issues and a redesign.

It said that Greg MacNeil is acting as interim publisher while Marty Peretz will continue as the magazine’s editor-in-chief.

CanWest’s shares closed 19 Canadian cents lower, at C$11.34, on the Toronto Stock Exchange amid a broad-based selloff in Canadian equities.

$1=$1.17 Canadian

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