WINNIPEG, Aug. 28 /CNW/ - CanWest Global Communications Corp. ("CanWest")
announced today that it had completed the transaction in which the ordinary
shares and convertible debentures of The Ten Group Pty Limited (TGL) held by
it were exchanged for ordinary shares of Ten Network Holdings Limited (TEN).
The exchange follows an announcement on August 17, 2007 that CanWest had
received the requisite approval from Australia's Foreign Investment Review
Board to enable it to exercise its rights to carry out such an exchange.
With the completion of the exchange, CanWest, indirectly through a wholly
owned Irish subsidiary, becomes TEN's majority and controlling shareholder,
holding approximately 523 million shares which represent an approximate 56%
equity stake in the company.
TEN (www.tencorporate.com.au) is a public company listed on the
Australian Stock Exchange (trading symbol: TEN). TEN owns the majority of the
shares of TGL. TGL owns and operates the free-to-air Ten Television Network in
the mainland capital cities of Australia and Eye Corp., an out-of-home
advertising business with operations in Australia, New Zealand, Singapore,
Indonesia, the United States and the United Kingdom.
About CanWest Global Communications Corp.
CanWest Global Communications Corp. (www.canwestglobal.com), an
international media company listed on the TSX (trading symbols: CGS and
CGS.A), is Canada's largest publisher of English language daily newspapers,
and owns, operates and/or holds substantial interests in free-to-air and
subscription-based television networks, out-of-home advertising, web sites,
and radio stations and networks in Canada, New Zealand, Australia, Singapore,
Indonesia, Turkey, the United States and the United Kingdom.
For further information:
For further information: Deb Hutton, Senior Vice President, Corporate
Communications, (416) 383-2442, firstname.lastname@example.org