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Canada's Canwest sells 50% stake in Ten Network

Canada's Canwest sells 50% stake in Ten Network

Canadian communications group Canwest has sold its 50.06% stake in Ten Network Holdings (ASX:TEN) to Macquarie Capital Advisers for $680 million.

The sale is scheduled for completion on October 1, Canwest said. The proceeds will be used to pay outstanding debt.

Ten shares on the ASX have been suspended at the company’s request until the sale concludes. The most recent trading price was $1.36.

Ten today told the ASX it expects to post an EBITDA of around $151 million for FY2009 when it reports its results on October 22.

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Tags multimediaMergers and acquisitionsTen Network

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