CanWest selling TV3 stake

Canadian media company CanWest has confirmed it has started selling its 45% stake in Irish television station TV3.

At the company’s AGM last week, chief executive Leonard Asper said that CanWest would prioritise the reduction of corporate debt. Selling its stake in TV3 is part of the company’s plan.

Staff in Dublin were told the news yesterday.

A spokesman for CanWest said that the price would be up for negotiation with potential buyers.

The other shareholders in TV3 are Granada TV (45%) and Windmill Lane.