SYDNEY: Canuck media conglomerate CanWest Global Communication has abandoned its attempt to sell-off its majority stake in the Australian television business, Ten Network.
It has opted instead to convert its 56.4% economic interest into voting shares, following the relaxation of rules on foreign ownership of Oz media - although the plan is still subject to regulatory approvals.
CanWest began its search for a buyer six months ago [WARC News: 10-Jan-07] but, despite interest from several private equity groups, the stumbling block to a successful sale has been price.
Commented CanWest ceo Leonard Asper: "We have determined that retaining our investment in Ten to be in the best interests of our shareholders.
"We believe that the company's operations have growth potential still to be realised and that our shareholders would be best served by participating in that potential."
Data sourced from Sydney Morning Herald; additional content by WARC staff