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Network Ten loses parent CanWest

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Network Ten loses parent CanWest

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Canadian media group CanWest Global has sold its controlling stake in Australia’s Ten Network.

Ten representatives told the stock exchange that its former parent sold its 50 percent stake at $1.30 a share to ‘a broad range of institutional and sophisticated investors’.

The $680 million sale represents a five percent discount to Ten’s last closing price before it went into a trading halt.

Canada’s biggest media company’s stocks surged 75 percent on confirmation that the Ten divestment would be used to ease the its $3 billion debt.

Federal Communications Minister Stephen Conroy indicated in an interview with The Australian that the sale will strengthen the position of Channel Ten.

“We’re not sure what the final outcome will be but hopefully well see a fair degree of Australian ownership return,” said Conroy.

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