From Ottawa Watch by way of Antonia Zerbisias:
The National Post has about six weeks left. CanWest's bonds are under review. They are already at junk status. A reduction in rating from BB would drive up the interest rate on any new bonds or any that expire and must be refloated. That is a fatal situation for a company as heavily leveraged as CanWest. Since CanWest is made up of a TV network, the National Post and some zero-value Internet properties, there's only one place to cut to satisfy the bond raters. Six months ago, I thought the NP would shrink back to a tabloid Financial Post. Now, CanWest doesn't have the money for a re-jig or to take that risk.Always sad to see journalism jobs disintegrate and the already tight journalist job market tighten even more, but other than that consideration, my only reaction if this is true is - good.
Crap paper. Let me repeat for the cheap seats, Really, REALLY CRAP paper.
The National Post exists only to provide Canada with a broadsheet equivalent to Fox News. It is virtually the official Conservative Party newsletter, as well as having the actual journalism quality of a mimeographed junior high class project.
The 'Iran's going to make Jews wear yellow badges JUST LIKE THE NAZIS DID!' debacle was the last nail in the coffin of the Post's already close to non-existent credibility.
The National Post's very existence lowers the standards of Canadian journalism, show me a grave and let me get my dancing shoes out of storage, oh and Macleans? Don't ask for whom the bell tolls...