Friday, 12 December 2008

Hard times

Canadian Business Online says two media giants who took over businesses built by their fathers have seen their family fortunes tumble by up to 60%.

PKP, for example, is now worth an estimated $415 million, down from $777 million, for a 46% decline, says the online report.

The CEO of Quebecor Inc. is not alone.

Canadian Business Online says Leonard Asper, CEO of Winnipeg-based Canwest, has seen his family worth drop 60% in the past year, $833 million down to $341 million. He took over the company from his father, Izzy, in 1999.

Time to pass the hat?

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