Canwest Global Communications, Canada’s biggest media company, plans to sell its 50% stake in Ten Network Holdings for A$680m ($592m) to help pay off debt, reports Bloomberg. The sale will probably be completed by Oct 1, Canwest said. Unprofitable Canwest, which owns Canada’s Global  TV network and National Post newspaper, has been writing down assets and talking to lenders as it struggles to meet C$4bn ($3.7bn) of debt obligations.

This entry was posted by Gwen Robinson on Thursday, September 24th, 2009 at 4:36 and is filed under Capital markets, M&A. Tagged with canwest, Ten Network. Edit this entry.