Two consortiums are vying to buy Canwest’s chain of 46 newspapers, with the winning bidder to pay as much as $1-billion, The Globe and Mail reported Wednesday. One consortium is led by Paul Godfrey, president of the National Post, owned by Canwest. Godfrey is also the former CEO of the Sun Media chain. The Globe reported that Godfrey’s consortium includes six other senior Canwest executives, Canpages Inc. in Vancouver, and is financed by private equity firm Hicks Muse Tate & Furst in the United States. Leonard Asper, Canwest’s CEO, is not part of the consortium, the Globe reported. The rival investor group includes Vancouver’s Glacier Media Inc., which owns 120 community newspapers. Canwest’s newspaper assets were put up for sale in January after the company filed for creditor protection. It's online media assets are expected to sell with the newspapers. The company’s chain are expected to remain intact through the sale. The company’s creditors say they are taking bids for the entire chain only.