WINNIPEG, Manitoba, May 10 (UPI) -- Canwest Global Communications announced Monday it has agreed to sell its bankrupt newspapers group, Canada's largest, to a creditor group for $1.1 billion.
The buyers -- led by National Post President Paul Godfrey, a former chief executive officer of Sun Media -- beat out newspaper rival Torstar Corp. and Toronto's Birch Hill Equity Partners Management, the Toronto Star reported.
The deal for Canwest Limited Partnership includes $950 million in cash, the Canadian Broadcasting Corp. reported.
The newspaper group includes the Post, The (Montreal) Gazette, Ottawa Citizen, Windsor Star, Regina Leader Post, Saskatoon Star-Phoenix, Calgary Herald, Edmonton Journal, Vancouver Sun and Vancouver Province, along with more than 20 community newspapers, online operations and other publications.
The sale must receive Ontario Superior Court approval before it can close, possibly as early as July 15.