TORONTO - CanWest Global Communications, Canada's biggest media group, said on Tuesday it is seeking to acquire high-growth assets, but ruled out looking for an acquisition in the United States.
"We will not actively pursue a US acquisition, and that is a significant change from where we were before," CanWest
chief executive Leonard Asper told an investor day presentation, adding that included the Knight Ridder newspaper group.
But he added that one of three key strategies for the group was investing in, or finding new "high-growth elements".
"There are some high-growth assets out there that we can purchase and we can purchase using the currency that we have at a reasonably high multiple," Asper said, referring to the group CanWest Mediaworks Income Fund unit, which publishes 10 daily newspapers in Canada.
Earlier on Tuesday, CanWest said that subsidiaries of its Turkish partner, Turkcom Iletisim HIzmetleri AS, had agreed to buy two radio stations that serve Istanbul for US$5 million ($7.4 million).
Winnipeg, Manitoba-based CanWest also owns stakes in Australia's Ten Network Holdings Ltd, Ireland's TV3 and New Zealand radio and television group CanWest MediaWorks Ltd, which includes TV3.
Asper said that after looking in the United States over the last few years, the company had decided it would not actively seek acquisitions.
"We will not be involved in any acquisition of assets, like the Knight Ridders of this world," Asper said.
"We think we have to get some things going our way first in Canada, both with our existing assets, our capital structure and a whole lot of other priorities we have."
Newspaper publisher Knight Ridder put itself up for sale in November.
Asper added that the company did not rule out expanding its current US businesses, which include online and advertising.
- REUTERS
