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CanWest gets Ten Down Under

Company snags control of commercial web

SYDNEY — Canada’s CanWest Global Communications has been given the greenlight by the Australian Treasury to take full control of Oz commercial web, the Ten Network.

Oz government did add conditions to the takeover: Ten’s topper must live Down Under, Ten must remain listed on the Oz stock exchange and the majority of the board must be Australian.

CanWest took control of the web after this year’s failed attempt to sell the stake. The takeover was made possible by recent changes in Oz’s media ownership laws allowing foreign ownership for the first time in 20 years.

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