Tuesday, August 12, 2008

Canwest sells three underperforming U.K. radio stations

WINNIPEG — Canwest Global Communications Corp. (TSX:CGS) said Monday it is selling three underperforming FM radio stations in the United Kingdom for an undisclosed price.

The Winnipeg-based media company Canwest said it expects the sale of the properties will enable it to improve operating profit by about $7 million annually.

Canwest's Original 106FM-branded radio operations in Bristol, England and Aberdeen, Scotland will go to private investors including members of station management.

A third station in the Solent region of England has been sold to Complete Communications Corp.

All will continue to operate under the Original FM brand name through licence agreements with Canwest.

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