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CanWest buys Aussie Net Ten

CanWest Global Communications has concluded the deal to buy Network Ten from the Wespac Bank and has named the other members of the consortium.

Foreign ownership rules restrict CanWest’s stake to 15%, but the other leading investors are Telecasters North Queensland (Ten’s affiliate in the northeast) with 40% and Audant Investments with 15%.

With 10% each are advertising executive John Singleton and Hungry Jack fast food franchise owner, Jack Cowan. A further 5% has been taken up by tour operator Isi Leibler. The remaining 5% is being held for other overseas investors as yet unnamed.

Westpac had to move fast on the deal to divest itself of Ten because Kerry Packer’s purchase of 10% of the bank’s stock conflicted with his control of the Nine web.

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