Market speculates CanWest will sell South Pacific operations

TORONTO – Investors have bid up CanWest Global Communications shares 24% over the past three weeks in anticipation of a big move in Australia. CanWest shares closed at $10.65 today where at the end of September they were in the $8.50 range. With the Australian government recently ratifying changes to its media company ownership rules, opening it up to foreign buyers, analysts expect CanWest to look at selling its Network TEN broadcasting assets as well as the company's New Zealand radio and TV stations, too. Today, CanWest said it has hired Citigroup Global Markets "to explore opportunities in South Pacific,"...