The Dominion Bond Rating Service (DBRS) has downgraded CanWest's credit from "speculative" to "highly speculative" and believes the company will be "in a negative cash flow" situation next year.
The DBRS says the problem is aggravated by a slowdown in advertising.
I'll add another factor: it's managed and staffed by some of the worst news managers in the business. Most of the managerial talent is long gone. There are a few very bright people left, but they're nowhere near the steering wheel.
Keep this in mind: CanWest still employs David Warren. 'Nough said.