New Republic sold to former owner

Canwest makes sale to pay down its debt

TORONTO -- Canwest Global Communications on Monday sold U.S. political magazine the New Republic back to its former owner to help pay down its debt burden.

The Winnipeg-based broadcaster sold the publication to a consortium led by longtime New Republic editor-in-chief Martin Peretz for an undisclosed price.

Canwest Global bought the New Republic from Peretz two years ago, but now finds itself selling off assets and renegotiating borrowing arrangements with its bankers during the economic downturn.