Monday, April 13, 2009

Counting down the end for Global

It looks like the end may be near for Global as we know it. Today, Moody's downgraded the bonds of Global's parent company, Canwest Global Communications -- with Moody's saying that Global may not be able to make a $30.4 million interest payment tomorrow. Although the company says it has extended the deadline on some of its debt to April 21st, it's quite possible that in a little more than a week the once mighty Fox Lite could be petitioned into bankruptcy.

For most other families, I'd probably feel bad -- but not for the Aspers who got too big way too fast and at absolutely the wrong time. And quite frankly, a Canadian version of ET does not exactly cut the grade for CANCON for most of us Canadians even if it does meet the rules just barely.

Here's an idea: How about another public network, but one that's community operated rather than by corporate interests who decide willy nilly when to shut down local newscasts? And it could act as a balance between the definitely right-wing CTV and the usually left-leaning CBC. It could work, if some smart people were involved.

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