From Saturday's Globe and Mail:

CanWest Global Communications Inc. [CGS-T] chief executive officer Leonard Asper, faced with a plunge in the value of the media company his father founded, is exploring a range of options that include taking the company private as the stock hovers at a 16-year low, sources said.

One possibility is a takeover of the company by the controlling Asper family with backing from major shareholder Fairfax Financial Holdings Ltd. [FFH-T] Two people familiar with the situation said the idea has been pitched to Fairfax, an insurance and investment company that owns 18.73 per cent of CanWest's outstanding subordinated voting shares, and at least one major investment bank has offered financing for a transaction.

No deal is imminent and a privatization may not be the favoured option, the sources stressed.

CanWest shares have plunged 83 per cent in the past 18 months, leaving the company with a market value of just $366-million, amid concerns about the company's rising debt, a soft economy that may hurt advertising sales and a weak outlook for the media sector. Any potential buyer would also have to contend with the company's debt load of more than $3.7-billion, which investors fear may leave CanWest afoul of its bank agreements if earnings slump.

This tidbit is also interesting:

Separately, a group led by Senator Jerry Grafstein has been actively seeking backers to put together some kind of bid to purchase the National Post newspaper.

While it's not clear that the paper is formally up for sale, sources said that interested parties have considered the asset. Media executives estimate the paper would fetch $25-million to $35-million. Removing the National Post's estimated $10-million a year in losses from CanWest's books would potentially boost the value of the company, though bankers who have looked at the numbers say the gain would be small relative to the overall financial situation at the company and that a sale may not be a high priority.

According to sources, Mr. Grafstein is proposing an arrangement that would allow the Asper family or CanWest to retain a minority ownership position. Mr. Grafstein could not be reached for comment Friday.

If the N-P doesn't make economic sense as part of a chain -- and by losing $10 million per year almost a decade into its existence, its creation doesn't look like one of the most brilliant media business moves of the late 20th century -- then how would it make more sense as a standalone?

This business stuff is simply above my head. :)

I would also note the Aspers have tried to cut the N-P's costs to make it profitable. Doesn't seem to have worked.

Maybe spicing up the N-P's content would help. I know -- They could hire a convicted felon to write columns!

Oh yeah. Been there, done that.