CANWEST SELLS SBS SHARES
By Adnews Staff
CanWest Global Communications has sold its shares of SBS Broadcasting. Winnipeg-based CanWest sold its approximately 2,000,000 common shares to a U.S. institutional investor for US$16.10 per share, for a total of US$32.7 million. According to CanWest, the sale is part of a plan to divest "non-core, non-strategic" assets. The company maintained that its investment in SBS, which owns and operates private commercial television and radio stations in Europe, was no longer of strategic importance to its overall media strategy. Proceeds from the sale will be used reduce CanWest's corporate debt.
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