Business and Finance

Canwest Global Communications Corp. is informally marketing its majority stake in Australia’s Ten television network to local investors, according to a report in an Australian newspaper.

The Australian Financial Review says Canwest has started the process with hopes of selling its 56.6 per cent stake in Ten to five or six investors with a goal of raising about $390 million.

Named on the list as a potential buyer was the Commonwealth Bank of Australia Ltd.

The report said Birketu, the network’s second-largest shareholder, has not been approached.

The report also said Canwest has asked Australia’s Securities and Investments Commission to be exempt from providing trading updates as part of the sales process free credit score.

Canwest spokesperson John Douglas declined comment on what he called speculation.

The Winnipeg-based company has considered selling Ten in the past and has recently explored the possibility of selling additional shares, but backed off when offers were too low.

Canwest, which has put its five E! television channels on the block, is trying to sell assets in an effort to pay down its $3.7 billion debt.

Source