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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