TEN gets OK for restructure.

CanWest has been given approval by the Foreign Investment Review Board to convert its 56% economic stake in Network TEN to shares.

It follows the Canadian company’s inability to sell the broadcaster earlier this year.

But Treasurer Peter Costello has placed conditions on the deal including that the Chief Executive and Chief Financial Officer reside in Australia, along with board meetings held in the country and the majority of directors remain Australian citizens.

Comparatively, the Nine Network is 75% owned by CVC Asia and 50% of the Seven Network is owned by KKR.

Source: The Age, Australian.