CanWest Finances Acquisition of Network Ten Shares - Increases Economic Stake in Australian TV Network.WINNIPEG, MANITOBA--(BUSINESS WIRE)--Dec. 6, 1996--CANWEST GLOBAL COMMU COMMU Communications Unit (NYSE NYSE See: New York Stock Exchange CWG CWG Conversations with God CWG Core Working Group CWG Certification Working Group (WiMAX Forum) CWG Collaboration Working Group CWG Commercial Working Group (TAT-14) , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CGS CGS centimeter-gram-second system. CGS or cgs abbr. centimeter-gram-second system. CGS, c.g.s. .S CGS.A) CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the Corp. announced today that it had entered into a financing agreement with an unassociated Australian-owned company, to allow that company to directly and indirectly acquire shares in The Ten Group Limited. To date, CanWest has loaned the Australian company approximately A$105 million, which has been used to acquire approximately 17 percent of the issued and outstanding ordinary shares of Network Ten. CanWest owns 15 percent of Network Ten's ordinary shares and certain participating and convertible debentures of Network Ten, together representing a 57.5 percent economic interest in the Australian television network. By financing the acquisition of the additional shares, CanWest has increased its economic interest in the network to approximately 66 percent. The financing arrangements were structured with the advice of senior Australian legal counsel, so as to allow CanWest to increase its economic interest in Network Ten without breaching Australian foreign ownership regulations. The arrangements have been disclosed to the Australian Broadcasting Authority
The Australian Broadcasting Authority was an Australian government agency whose main roles were to regulate broadcasting, radiocommunications and telecommunications. , which is reviewing the matter to confirm that no breach of the broadcasting Services Act has occurred. CanWest Global Communications Corp. (NYSE: CWG and TSE: CGS.S and CGS.A) is a leading international television broadcaster. In Canada, the Company owns and operates the CanWest Global System, Canada's largest private sector broadcaster. Internationally, the Company owns substantial economic interests in Australia's Network Ten and New Zealand's TV3. Through these broadcasting operations, CanWest reaches approximately 35.8 million English- speaking people in markets that are estimated to have generated approximately C$4.4 billion in advertising expenditures in 1995. CONTACT: CanWest Global Communications Corp Tom Strike, 204/956-2025 204/947-9841 (FAX) |
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