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StumbleuponSYDNEY, March 17 (Reuters) - Debt-laden Canadian media group CanWest is looking to raise about A$390 million ($258 million) by selling its 56.6 percent stake in Australian broadcaster Ten Network, a newspaper said on Tuesday.
Without citing any sources, the Australian Financial Review said CanWest had been sounding out institutional investors including Commonwealth Bank (CBA.AX), which owns 6.5 percent of Ten, and 452 Capital which has 5.7 percent.
CanWest, which is battling to restructure a debt burden of C$3.7 billion ($2.92 billion), would not comment on whether it has approached institutions.
The paper cited industry sources as saying CanWest was probably looking at a price of around 75 Australian cents for its Ten shares, which was the floor price in an unsuccessful capital raising Ten staged last month.
Ten shares last traded at 72 cents each. ($1=1.510 Australian Dollar, 1.268 Canadian Dollar) (Reporting by James Thornhill, editing by )
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