Mystery Buyer Relieves CanWest of 30% Ulster TV Stake

05 July 2004

Winnipeg-headquartered CanWest Global Communications has offloaded its thirty per cent stake in Northern Ireland's ITV franchise-owner Ulster Television, collecting £60 million ($109.8m; €89.22m) in the process.

The Canuck corporation will use the cash to reduce its £1.2 billion debt mountain. Says ceo Leonard Asper: "[The sale is] consistent with the previously stated intention of the company to divest non-core, non-strategic assets."

The identity of the buyer/s is unknown -- although the usual institutional suspects are thought to be involved. In which case the stock may well find its way into the hands of ITV plc, known to be eager to acquire any shares in the regional companies it does not already own.

Data sourced from:; additional content by WARC staff