After leading the winning $1.1 billion group bid to acquire the Canwest newspaper chain, North Yorker Paul Godfrey is poised to take the helm as president and CEO of the new company that will emerge.
The former Toronto Sun publisher spent eight years heading up the Toronto Blue Jays before returning to the media game last year as president of the National Post. For Godfrey, the decision to seize this latest opportunity was easy — Canwest is the biggest English-language daily chain in the country.
“I think that newspapers have got a very positive future, and I felt I’d like to be a part of it,” he said. Godfrey pointed to coming up with a “digital-first” strategy as the biggest challenge that lies ahead.
John Douglas, a Canwest spokesperson, said the group offer, which was nearly $200 million more than some suggested its assets would net, will leave the storied newspaper chain intact. “I think that what we see in this bid is a very solid outcome, headed by somebody who has great credentials and a proven history,” said Douglas. The deal is expected to close by mid-July.
