Thursday, March 19, 2009

TNR Sold!

So, to follow up on a previous post, Canwest has sold The New Republic back to a group led by Marty Peretz, according to Reuters. For its part, TNR describes the group as being led by Larry Grafstein. Grafstein is a "former investment banker" and regular donor to Democratic candidates (though not exclusively: David Vitter, Mel Martinez, Mitt Romney, and Rudy Giuliani have all received money from Grafstein, according to Newsmeat).
What exactly is in it for Grafstein? It's hard to say, but supporting Israel appears to be at least one factor in the decision.
Anyone who's read Marty Peretz's blog, The Spine, knows that Israel is dear to him. Evidently Canwest shared Peretz's interest in defending the interests of Israel in the public sphere (in addition to the hope that the property would turn profits). And the Daily Beast reports that Grafstein has demonstrated "an ironclad commitment to supporting Israel."
There have been no changes to the editorial stuff thus far, which probably isn't a huge surprise considering Peretz continues to oversee operations.

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