The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 20/08/2007

NO.078

Foreign Investment: Canwest Global Communications Corp - Acquisition Of Interest In Ten Network Holdings Limited

Under the Foreign Acquisitions and Takeovers Act 1975 I have decided to raise no objections to the proposal for CanWest Global Communications Corp, via its wholly owned subsidiary Canwest MediaWorks Ireland Holdings, to acquire shares representing up to 56.7 per cent of Ten Network Holdings Limited.  This decision is subject to a number of conditions.

The conditions are:

  • that the CEO and CFO of Ten Holdings are to reside in Australia,
  • that Ten Holdings remains a listed company,
  • that the headquarters of Ten Holdings remains in Australia,
  • that the Board of Ten Holdings holds a majority of its meetings in Australia, and
  • that the majority of the Directors of Ten Holdings are Australian citizens.

These conditions will have effect for so long as members of the CanWest Group of companies own a controlling interest in Ten Holdings and subject to any revocation or amendment by the Treasurer.

Ten Holdings and its subsidiaries operate the Ten Television Network (in Sydney, Melbourne, Brisbane, Perth and Adelaide).

These conditions have been put in place to protect the national interest.

MELBOURNE
20 August 2007

Contact: Renae Stoikos - 03 9650 0244