Leonard Asper speaks about the demise of Canwest
Posted: February 21, 2013 Filed under: Newsroom | Tags: Canwest, journalism 1 Comment »A funny thing happened during my Michener-Deacon research in Manitoba. Leonard Asper, CEO of failed Canwest stopped by the Winnipeg Free Press News Cafe to talk about the end of the company. I decided to pause academic research and live tweet it.
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Asper says Canwest almost traded @NationalPost for @WinnipegNews in 2002 @wfpnews http://t.co/9i3CkqJgnY
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melanie coulson (@mel_coulson) February 21, 2013
After Canwest, Asper said he 'wanted to do something with his life.' He started fight network, multi-platform http://t.co/yXnh1q4Sw8
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melanie coulson (@mel_coulson) February 21, 2013Asper says he's sorry so many people "lost their jobs or whatever", but he doesn't look back. @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013Asper on first signs of trouble: No one cliff you drive off, series of events.
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melanie coulson (@mel_coulson) February 21, 2013Asper says advertising profits started to fall at Canwest in Sept 08.
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melanie coulson (@mel_coulson) February 21, 2013Asper says banks decided to call the loan, that Canwest could always have paid the loan
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melanie coulson (@mel_coulson) February 21, 2013As Asper describes Canwest demise, two men at the back of @wfpnewscafe continue to shoot the --it.
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melanie coulson (@mel_coulson) February 21, 2013@mel_coulson Welcome to the completely uncontrolled environment that is @wfpnewscafe.
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Dan Lett (@danlett) February 21, 2013Asper says the two week extensions from hedge fund managers was 'to put a gun to their heads', force receivership
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melanie coulson (@mel_coulson) February 21, 2013Asper uses finger quotes when describing consumer protection law
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melanie coulson (@mel_coulson) February 21, 2013Asper says he knew the end was near for Canwest in July of 2009. @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013When new bondholders came on board in Oct '09, Asper said he knew Canwest going to war.
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melanie coulson (@mel_coulson) February 21, 2013In hindsight, knowing what the world knew then, there's nothing I'd have done different: Asper
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melanie coulson (@mel_coulson) February 21, 2013Not one financial institution in the world was able to lend $$ to any company.
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melanie coulson (@mel_coulson) February 21, 2013Asper says it became a battle of shareholders vs. creditors. We didn't say we have this for them, we said we had to save for us.
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melanie coulson (@mel_coulson) February 21, 2013Asper says he can't have discusison with himself about whether he failed dad in company's collapse.
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melanie coulson (@mel_coulson) February 21, 2013Man at table behind me says that it's a stupid question, laughs. @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013Asper: We feel we pulled out all the stops.... you can't worry about what someone else might have done. @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013Asper says the lessons his father taught him were invaluable, he takes them with him today... take with him on next venture
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melanie coulson (@mel_coulson) February 21, 2013Asper: Clearly buying papers was what brought papers to this position. Not the acquisition, but the financing, he clarifies
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melanie coulson (@mel_coulson) February 21, 2013Asper says Canwest papers were purchased with all debt, 'the first turning point'
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melanie coulson (@mel_coulson) February 21, 2013Legacy of Canwest: led to creation of Asper Foundation, the things you see around YWG... That's all Canwest. Those are Canwest children
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melanie coulson (@mel_coulson) February 21, 2013Asper says he gets a lot of letters from former employees who got a great experience at Canwest and are doing their own things. @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013Mentions people now working for Shaw, everywhere else... note: no mention of Postmedia. (disclosure: my company)
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melanie coulson (@mel_coulson) February 21, 2013Asper on future of media: Television merging into one pipe (high-speed data connection), video streams, content-on-demand, Xbox, Youtube
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melanie coulson (@mel_coulson) February 21, 2013People who operate television channel now have multiple ways to reach the audience: Asper
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melanie coulson (@mel_coulson) February 21, 2013For newspapers, nothing to stop newspapers from becoming a television studio: Asper, points to @wfpnewscafe
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melanie coulson (@mel_coulson) February 21, 2013Asper predicts radio will survive.
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melanie coulson (@mel_coulson) February 21, 2013

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