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The Vancouver Sun is owned by Canwest, which is owned by the Asper Family of Winnipeg.

Canwest Global Communications Corp. Reports Third Quarter 2009 Results
- Non-cash impairment charge recorded against Publishing -
(Winnipeg – July 10, 2009) Canwest Global Communications Corp. (“Canwest” or the “Company”) today reported for the three months ended May 31, 2009 revenues of $727 million compared to $846 million for the same period last year. Operating profit before restructuring and impairment expenses was $118 million for the third quarter compared to $182 million in the third quarter of fiscal 2008.

For the first nine months of fiscal 2009, reported revenues decreased 7% to $2.24 billion and reported operating profit before restructuring impairment and other one time expenses declined by 27% to $410 million.

For the three months ended May 31, 2009, the Company reported a net loss of $110 million – including a non-cash $247 million impairment of goodwill in Canwest’s Publishing operations, interest rate and foreign currency swap losses of $177 million and foreign exchange gains of $368 million primarily related to the foreign currency gains associated with the U.S. dollar debt that is no longer hedged. For the nine months ended May 31, 2009, the Company reported a net loss of $1.58 billion.

The nature of the impairments are consistent with those of other media organizations throughout North America and reflect lower future profit expectations as a result of the current outlook for advertising revenues in the operations. All are non-cash charges to income that do not affect Canwest’s liquidity, cash flows from operating activities, debt covenants or have any impact on future operations.

For the three and nine month period Canwest reported the following:

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http://www.canwest.com/media/viewNews.asp?NewsroomID=1003