Sydney- Canada’s CanWest Global Communications Corp. has reached a deal to sell its 70% stake in New Zealand’s TV3 network and several radio stations to HT Media Pty Ltd. HT Media, owned by funds managed through Australian private equity firm Ironbridge Capital, is paying $2.43 (New Zealand) cash a share, or $1.97 Canadian, for the New Zealand operations, a 49% premium over the shares last October, before CanWest announced it was putting them up for sale. CanWest expects gross proceeds of C$314 million (US$284 million) from the sale, which it will use to reduce debt and buy back its newspaper income trust in Canada. CanWest has also flagged its intention to sell its highly profitable Australian TV network, Network Ten, but no deal has yet been reached amid reports that potential bidders aren’t offering as much as CanWest is looking for.