CanWest completes sale of New Zealand assets

CanWest Global Communications Corp has completed the sale of its New Zealand media assets.

CanWest Global Communications Corp has completed the sale of its New Zealand media assets.

The media giant received $250 million Cdn in cash from the sale of its New Zealand media operations to CanWest MediaWorks (NZ) Ltd., in which it holds a 70 per cent stake.

CanWest has said it will use the proceeds to reduce debt.

To fund the acquisition, CanWest MediaWorks issued 68 million shares and borrowed $167 million Cdn from a New Zealand financial institution.

CanWest's New Zealand holdings included the country's leading privately owned TV network, six national radio networks, 22 regional radio stations and a recently launched music channel.

CanWest MediaWorks' shares will start trading on the New Zealand Stock Exchange on Thursday.

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