Canwest Global Communications on Tuesday denied an Australian media report that it has begun to informally shop its controlling stake in Network Ten to potential buyers.

Canwest spokesman John Douglas said the March 16 report in the Australian Financial Review was ‘sheer speculation’ and that the Winnipeg-based broadcaster will remain an investor in the network and the Australian TV market.

The report said Canwest was looking to raise $258 million by shopping its 56.6% stake in Network Ten, and that current minority stakeholders like Commonwealth Bank and 452 Capital were being sounded out on possible bids.

Douglas discounted the report as the work of Australian banks looking to structure a deal where the Canadian broadcaster sells its stake. ‘Lots of people are trying to put deals together. A really good deal sells itself around a board table. It doesn’t need to be played out in the press,’ he said.

Canwest has retained RBC Capital Markets to sell non-core assets to service its $3.7-billion debt load.

‘We have entered this very structured kind of process. There are checkpoints along the way. And we are working through that, and we’re determined to meet all those checkpoints, and continue proceeding the way we have,’ Douglas said.

‘But there’s no big silver bullet. It’s a careful process. There’s lots of heavy lifting,’ he added, urging patience.

Douglas also said that, despite the challenges facing the broadcaster as it negotiates with its lenders to refinance its debt burden, Canwest continues to pay what it owes to Canadian indie producers and others.

‘The operations are really strong. People lose sight of that when you get into the situation we’re in,’ Douglas said.