CanWest Global Communications has backed away from plans to sell its shares in TEN Network in Australia, having come up empty after a nine-month search for a buyer. The company says it will, following a stock shuffle and pending approval by Aussie regulators, raise its stake in TEN to 56%, up from 14.5%.

‘We have spent the last several months considering our strategic options regarding our investments in the South Pacific,’ said Leonard Asper, CanWest’s president and CEO, in a statement. ‘In Australia, however, we have determined that retaining our investment in TEN to be in the best interests of our shareholders.’

CanWest had better luck in New Zealand, where it last month sold its radio and TV holdings for $314 million.

‘We believe that the company’s operations have growth potential still to be realized,’ added Asper. The network operates five commercial TV stations across Australia.