CanWest Global Communications Corp. is selling E!, its secondary television network. Failing a buyer, the network will be shut down at the end of two months.
The E! network, which has stations in Montreal, Hamilton, Red Deer, Kelowna and Victoria, has been losing money. Offloading the assets would help stem losses at a time when CanWest, burdened by debt, has been at risk of violating lending agreements with its banks.
“In the current economic environment, we believe that our efforts are best focused on the areas of greatest return,” CanWest chief executive officer Leonard Asper said in a statement. He said the company is looking to concentrate its efforts around its main network, Global Television, and its more profitable cable channels, including Showcase, HGTV and the Food Network.
This social libertarian doesn't own a TV. But if she did, she'd be sure NOT to watch Global Television or any of CanWest's "more profitable cable channels."
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