Canadian media giant CanWest expands into Australia

[Toronto Star]

CanWest Global Communications Corp has won the go-ahead to become majority owner of Ten television network under Australia's relaxed foreign-ownership rules.

The Winnipeg-based company, which also owns Canada's Global television network and a chain of big-city daily newspapers that includes the National Post, said today it expects to own 56 per cent of Ten Network Holdings Ltd. shares.

Before the transaction, CanWest owned 14.4 per cent of Ten Group's issued shares and certain debentures which, when converted, would increase its share ownership to 56.4 per cent.

CanWest announced June 18 that it intended to exercise its right to exchange its ordinary shares and convertible debentures of The Ten Group Pty Ltd. for ordinary shares of Ten Network Holdings.

After the exchange, CanWest will hold 523 million shares in Ten.

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