Canwest looking for buyers for Ten network stake: report

Canwest Global Communications Corp. is reported to be eyeing the sales of its majority stake in an Australia television broadcaster.

The Australian Financial Review said Canwest is hoping to sell its 56.6 per cent stake in the Ten network for about $390 million.

The Winnipeg-based company is reported to be talking to several possible buyers.

Canwest declined any comment.

Last month, Canwest cancelled plans to sell more shares of Ten because of what it called "difficult financial market conditions."

Amid the downturn in the advertising market and resulting financial pressures, Canwest has said it was looking at selling assets it didn't consider to be key to its business as it deals with its $3.9 billion in debt.

With files from the Canadian Press