• Folio, Friday, March 6, 2009 9:45 AM

The New Republic is quietly considering a sale. Martin Peretz, the editor-in-chief who was a part owner of the magazine until 2007, is negotiating to reacquire the assets of the magazine from CanWest Global Communications.

Winnipeg, Canada-based CanWest acquired a 30% stake in the magazine in 2006, and bought the remaining assets in early 2007 on behalf of its subsidiary, CanWest Media. Before that, Peretz had been a partial owner for more than 30 years.

CanWest Global reported a net loss of $33 million for the fiscal first quarter of 2009, compared to a $41 million net gain during the same period the prior year. Revenue for the first quarter was $886 million, up slightly from the same period the prior year. Operating profits from its publishing division were $73 million for the first quarter, down 28% from the previous year. The company said it is actively looking to divest its non-core assets and reduce its operating and capital costs. It owes roughly $92 million.

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