CanWest completes Ten move
EmptyTORONTO -- Canadian broadcaster CanWest Global Communications said Tuesday that it has completed the conversion of its investment in Australia's Ten Network into a controlling stake.
Winnipeg, Manitoba-based CanWest Global said it has exchanged shares and convertible debentures in Ten Group Pty Ltd into ordinary shares in Ten Network.
Ten Network issued 523 million new shares to a wholly-owned Irish subsidiary of CanWest Global, giving the Canadian broadcaster a controlling 56% stake.
The share exchange follows CanWest Global earlier abandoning plans to sell off its 56% holding in Ten Network after failing to find a buyer. It instead chose to exercise an option to restructure its investment.
"This exchange normalizes our corporate structure and will make it easier for investors to understand Ten," Network TEN executive chairman Nick Falloon said in a statement.
CanWest Global received Australian regulatory approval for the conversion on Aug. 17.
In other recent moves, CanWest Global sold its New Zealand TV assets for CAN$309 million ($294 Million) and acquired rival Canadian broadcaster Alliance Atlantis Communications as part of a CAN$2.3 billion ($1.99 billion) takeover deal largely financed by Goldman Sachs & Co.