CanWest stock hit 42 cents today.
Ooops, 34 cents.
Trade volume is suspiciously high, too. Someone is liquidating a big position for what they can get for it. Scary.
Six months ago, I suggested media convergence may be yesterday's news because the big convergence plays were tanking in the markets. Then, CanWest was at about $3.75, having lost more than half its value in the previous six months. Now Canwest is at about 1/20th of its summer 2007 price and about 1/40th of its recent peak. Quebecor does slightly better because of its investment in cable (though the company's newspaper interests are not integrated well into any kind of multi-use platform. CTVGlobemeia is hard to guage, since it has unusual factors such as the failed Teachers takeover of BCE and the deep pockets of the Thomson family (made a bit shallower by the tanking of Thomson Reuters).
The stock market isn't always an accurate guage of performance, but when shares in companies that adopted a model of leveraged buyouts/media convergence get stomped as heavily as CanWest, it's time to look for a new model.
So here it is, again:
Don't put anything on newsprint that readers can get on the Internet.
Don't post anything on the Internet that people can only get in your publication.