CANWEST BUYS FIREWORKS
By Adnews Staff
Winnipeg-based CanWest Global Communications Corp. has acquired a 72 percent equity and 79 percent voting interest in Fireworks Entertainment Inc. of Toronto for approximately $40 million. Fireworks distributes, produces and finances films and television programs, including La Femme Nikita and F/X: The Series. Fireworks' chairman and CEO, Jay Firestone, will continue at that position under the company's new ownership. "This marks a very important entry into a new but related business for CanWest," said CanWest executive vice-president Leonard Asper. "We have been considering entering the production and distribution business for some time, and in our view the acquisition of Fireworks represents excellent value, but more importantly, a new direction for future growth of CanWest." Despite this purchase of a production company, CanWest has indicated that it will continue to work with independent Canadian producers rather than take all its needs in-house.