Sydney- Canada’s CanWest Global Communication’s bid to assume majority control of Australia’s Network Ten has been approved by the Australian Foreign Investment Review Board (FIRB). The deal is subject to a number of conditions, including that the CEO and CFO must reside in Australia, the company remain listed on the Australian Stock Exchange and its headquarters stay in Australia. CanWest will convert its shares and debentures to a 56% stake in Ten Network Holdings Limited, as permitted under the government’s reforms on foreign investment in media. CanWest explored the possibility of selling its economic interest in Ten but subsequently decided to retain its stake after offers did not meet its asking price. “We welcome FIRB’s decision and expect to complete the exchange by the end of this month,” said CanWest President/CEO Leonard Asper. “Over the past 15 years, TEN has been an extremely successful investment for us and we believe there is still much growth potential to be achieved.”