Sunday, October 4, 2009

Canwest directors quit Ten board

TEN Network says two directors appointed by Canadian media company Canwest have resigned from its board following the sell down of its 50.6 per cent investment.

The directors connected with Canwest, Leonard Asper and Thomas Strike, have resigned from Ten's board, effective immediately.

Peter Viner, president of Canwest's broadcasting arm, will remain as a director, Ten said on Friday.

Ten executive chairman Nick Falloon said there had been a positive reception to, and wide institutional support for the sell-down of the Canadian media group's investment in Ten.

"As a result of the changed circumstances, Leonard and Tom are stepping down from the board," Mr Falloon said.

The Ten board now comprises five directors: Mr Falloon, Jack Cowin, Paul Gleeson, John Studdy and Mr Viner.

In September, debt-laden Canwest announced it would sell down its stake in Ten, earning it about $680 million.

Canwest said it sold the shares to a broad range of institutional and sophisticated investors at $1.30 each.

Ten will release its annual result on October 22.



People in BusinessCanwest sell-off ‘will strengthen Ten’