Will CanWest be Scooped on its Own Story?

Where are CanWest’s intrepid, investigative business reporters!

Something BIG has been happening to the company’s stocks …  they are becoming LITTLE. Some BIG story seems to be happening to the Company … but I have seen LITTLE about it in CanWest newspapers. 

What could be more embarrassing for a mega news media corporation than getting scooped on its own story by competitors … or worse yet: Bloggers!  YIKES!!!

But something does seem to be happening: on Tuesday, more than 1.4 million CanWest Global shares traded on the Toronto Stock Exchange … and the stock closed at a measly $3.06.  And this isn’t the first million-share-plus trading days lately.

Is someone or some corporate entity buying them all up … as the shares continue to slip and slide?

Hard to believe now that two years ago CanWest shares were trading (that means people … lots of people …  were BUYING them) at around $15 a piece.  But by June 2007, the stock had slipped … no, not slipped … plumetted to about $9.50.

And now, THOSE are the good old days!!! 

By the beginning of this year, CGS was trading at BELOW $6 a share. And now , it has closed at $3.06.

I can only imagine how CanWest’s own newspapers (including The National Post/Financial Post) would pursue the story if this was all happening to, say, Air Canada or Globe and Mail Corp.    I suspect ..and I hope … with great tenacity. 

But when I searched “Google News” for CanWest stock stories … heading the list were a June 14 piece in the Globe an Mail about CanWest woes; a June 11 Globe and Mail story on the CanWest slump; a June 5 Globe and Mail article on CanWest debt; and, WAIT FOR IT, a May 30 BLOG posting by business writer David Berman.

CanWest seems to be getting scooped about itself!

At first glance, this may not seem unusual .. what company’s employees would go public with their own firm’s woes, and expect to have a job the next day?

But NEWS is supposed to be different: editorial content, judgement should not be coloured by outside executive or business managers’ interference or any other considerations, like  self-serving public relations pap …    not if the newx organization wants to keep its credibility and  their readers.

So let’s assume CanWest’s crack reporters are labouring long hours on a blockbuster piece (or series?) on exactly what is going on right now with their company, with their stock, with their future.

And hopefully they will publish their findings in CanWest newspapers real soon … before we read about in a competitor’s rag .. or worse yet, on a BLOG!!!!  (LOL)

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