Monday, 8 January 2007

CanWest tipped to quit NZ & OZ

Media reports suggest CanWest Global Communications is looking at quitting the New Zealand and Australian markets, as it moves to expand its Canadian interests.

CanWest and investment bank Goldman Sachs have launched a joint $C2.1 billion bid for Toronto-based media group Alliance Atlantis. The company controls over 13 Canadian cable tv channels, including BBC Canada, Food Network Canada, History Television, and National Geographic Channel Canada.

Alliance Atlantis also produces the hit CSI franchise of tv shows, which is expected to be sold in a separate deal, with US Broadcaster CBS a likely bidder.

In New Zealand, CanWest Global owns 70% of CanWest MediaWorks, the parent company of TVWorks (TV3, C4), and RadioWorks (The Edge, The Rock, Radio Live, More FM).

It also controls Australia's third-ranked broadcaster, Network Ten. Ten is Australia's most profitable network, thanks to top-rating shows like Big Brother, Australian Idol, and The Simpsons.

* NZ Herald: CanWest may sell New Zealand, Australia assets
* CanWest may drop Ten to pursue deal

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