Canwest Sells Stake In Turkish Stations
May 18, 2009 at 5:11 AM (PT)
Troubled CANWEST GLOBAL COMMUNICATIONS CORP. has sold its radio interests in TURKEY to a local company, SPECTRUM MEDYA, for an undisclosed price. CANWEST, the Canadian media giant which has been trying to recapitalize C$4 billion in debt and received another extension from its lenders and noteholders last week after missing a C$30.4 million interest payment, hopes to close the Turkish deal, which includes indirect interests in four stations, by JUNE 2nd.
The company acquired the 20% stake in the Turkish stations four years ago, valued then at C$12.2 million.