SYDNEY (AFX) - Newspaper publisher John Fairfax Holdings Ltd is negotiating to buy a stake of up to 1 bln aud in television station operator Ten Network Holdings Ltd from Canada's CanWest group, The Australian newspaper reported without citing sources.
It said consideration of the deal is believed to have delayed the announcement of a new chief executive for Fairfax to replace Fred Hilmer, who is retiring.
The newspaper said media analysts believe Ten Network executive chairman Nick Falloon could become the head of a combined Fairfax and Ten Network, replacing Hilmer.
It said with CanWest is looking to sell its 57.5 pct economic interest in Ten and talks have begun with Fairfax ahead of planned changes to media ownership laws, proposed by Australia's Federal Government, which will allow cross-ownership of media businesses.
The changes will allow major newspaper companies such as Fairfax and News Corp to own television stations in cities where they also publish newspapers.
The Australian said it understands that CanWest has been seeking buyers for its stake in Ten. Other companies, including News Corp, publisher of The Australian, are believed to have been approached by CanWest.
CanWest led a consortium that bought Ten out of receivership in 1992.
(1 usd = 1.30 aud)
bruce.hextall@xfn.com
blh/tr
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
It said consideration of the deal is believed to have delayed the announcement of a new chief executive for Fairfax to replace Fred Hilmer, who is retiring.
The newspaper said media analysts believe Ten Network executive chairman Nick Falloon could become the head of a combined Fairfax and Ten Network, replacing Hilmer.
It said with CanWest is looking to sell its 57.5 pct economic interest in Ten and talks have begun with Fairfax ahead of planned changes to media ownership laws, proposed by Australia's Federal Government, which will allow cross-ownership of media businesses.
The changes will allow major newspaper companies such as Fairfax and News Corp to own television stations in cities where they also publish newspapers.
The Australian said it understands that CanWest has been seeking buyers for its stake in Ten. Other companies, including News Corp, publisher of The Australian, are believed to have been approached by CanWest.
CanWest led a consortium that bought Ten out of receivership in 1992.
(1 usd = 1.30 aud)
bruce.hextall@xfn.com
blh/tr
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
