Canadia’s conservative National Post newspaper has been saved from closure after a judge agreed to move it to the solvent publishing division of the collapsed CanWest Media company.

The money-losing Post, which was founded in 1998 by now jailed businessman Conrad Black, would have been forced to close if the change hadn’t been approved because CanWest creditors were not prepared to keep funding it.

While private equity owners aren’t known for their generosity, it’s a fair bet that MediaWorks staffers are happy they’re no longer working for Canadian listed company CanWest.

Shares in the former parent company of TV3 and Radioworks in New Zealand are essentially worthless as the company battles bankruptcy and a crippling debt load, analysts say.

CanWest, which used to have a local subsidiary listed on the NZX, offloaded its New Zealand assets in 2007 for $386 million to Australian private equity firm Ironbridge.