Canwest announces strategic review of five conventional television stations
WINNIPEG - Canwest Global Communications Corp ("Canwest" or
the "Company") announced today that it is exploring strategic options for five
of its conventional television stations, CJNT-TV in Montreal, CHCH-TV in
Hamilton, CHCA-TV in Red Deer, CHBC-TV in Kelowna and CHEK-TV in Victoria.
The sale of the stations is one of several options being considered by
the Company following an internal review. RBC Capital Markets has been
retained to assist in this process.
"These stations have proud histories of serving their communities with
strong independent voices," Canwest President and CEO Leonard Asper said.
"However, as they are currently configured, these stations are not core to our
television operations going forward."
He added: "In the current economic environment, we believe that our
efforts are best focused on the areas of greatest return including the
continued growth of our industry-leading specialty channels and in increasing
the linkages between those channels and our powerful Global conventional
television brand. We believe this process will lead to significantly enhanced
Mr. Asper said Canwest has taken advantage of the shifting television
viewing audiences to develop a much stronger presence in specialty channels
and digital media while increasing the strategic interdependence between these
and the Global network. This relationship has helped generate industry leading
growth among Canwest's specialty channels. As a result, Canwest has come to
the determination that operating a second conventional TV network in Canada is
no longer key to the long-term success of our broadcasting business.
"Going forward, this allows us to invest in the areas that provide the
greatest return," Asper said.