CanWest sale near

The deal remains subject to approval

CanWest Global Communications is one step closer to selling its New Zealand media holdings to HT Media for approximately NZ$370 million ($280 million.)

The Winnipeg-based media company announced Friday that it has agreed to the terms of the deal, proposed in a “lock-up agreement” in May, in which its 70% interest in CanWest MediaWorks NZ will be sold for $1.77 per share to HT Media, a subsid of independent Australian private equity manager Ironbridge Capital.

The deal remains subject to approval from the New Zealand Overseas Investment Office, expected early this week.

Parent company CanWest plans to use a portion of the proceeds to reduce debt.

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