UPDATE: Canwest RIP
Trading in Canwest stock, once considered a blue chip security, has been suspended by the Toronto Stock exchange, pending a determination by the exchange of whether it should be listed at all.
It had to come to that. It's been inevitable, really, since the Alliance-Atlantis deal, maybe even from the time Conrad Black snookered Izzy Asper with the newspaper deal.
Shareholder equity is likely wiped out.
The Aspers are no longer in control of Global TV and the National Post, and their ownership of the rest of the company appears to be unlikely.
As this unfolds, Canadian media will likely go through the biggest one-time shake-up in a century.
This marks the death of media convergence in Canada, which is a good thing both for journalism and the public interest.
The best scenario: Nortel-style break-up and sale to new corporate entities.
The worst scenario: break-up and integration into Canada's existing moribund media oligarchies, with lay-offs, further cuts to local coverage and closure of some titles.