CanWest to sell stake in CanWest MediaWorks (NZ) for NZ $727 million

WINNIPEG - CanWest Global Communications Corp. announced Monday it has inked a deal to sell all its shares of CanWest MediaWorks (NZ) Ltd. for NZ$727 million in cash. The deal was brokered through CanWest subsidiary, CanWest MediaWorks Ireland Holdings (CMIH), which has entered into a lock-up agreement with HT Media Ltd., a wholly owned subsidiary of certain funds managed or advised by Australian private equity firm Ironbridge Capital Pty Ltd. The per share price is NZ $1.63, which is a 49% premium to the share price on October 20, 2006, the day prior to CanWest’s announcement it was reconsidering its...