Canwest papers sold

Canwest Global Communications Corp. has approved a bid for its newspaper chain from a group led by Paul Godfrey, president of the National Post, for 1.1 billion Canadian dollars. The bankruptcy court-appointed monitor and financial adviser fell the group’s offer was superior to the other bids. Other bidders included Torstar Corp., publisher of the Toronto Star newspaper. The deal is expected to close by July 15, Canwest said, after bankruptcy court approval May 17. The deal would maintain all existing newspaper operations and existing full-time employees, according to the statement. Canwest, based in Winnipeg, Manitoba, publishes 12 daily newspapers including the Vancouver Sun, Montreal Gazette and Ottawa Citizen. The company also publishes 45 community and free newspapers. Godfrey, the former chief executive officer of Sun Media Inc., will be president and CEO of the new company, Canwest said.