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CANWEST MAKES BID FOR NETSTAR: WAITING FOR ESPN'S RESPONSE

          CanWest Global Communications Corp. has "offered to
     buy" NetStar Communications, owner of The Sports Network
     (TSN) in Canada, for C$700M, according to Brenda Dalglish of
     the Toronto GLOBE & MAIL.  However, ESPN, a 32% owner of
     NetStar, "has not yet accepted CanWest's offer" and has 15
     days to decide whether to accept it. If ESPN decides to
     pass, it has 90 days to find an alternate Canadian buyer. 
     CanWest is paying C$370M to shareholders while assuming
     NetStar's C$330M debt (GLOBE & MAIL, 1/21).  If ESPN opts to
     sell its stake to CanWest, the deal's price would be raised
     to C$875M (FINANCIAL POST, 1/21).  ESPN said in a statement
     that it will "be taking" its time before making a final
     decision.  TSN is Canada's "most-watched specialty channel"
     and has Canada's "most-visited Internet site" (Ferguson &
     Menon, TORONTO STAR, 1/21).  In Toronto, Chris Zelkovich
     writes that the deal "could have a big impact on which
     channels" sports fans "turn to for sports and which people
     deliver the sports."  The combination should give CanWest's
     Global and TSN "more flexibility and more clout" in securing
     rights deals, as the two could "corner the Canadian market"
     on NFL games by placing some on Global's broadcast channel
     and some on TSN's cable arm (TORONTO STAR, 1/21).  Also in
     Toronto, Rob Longley reports that Global is "not expected"
     to make big changes at TSN, and that the deal gives TSN the
     "clout of the mainstream network partner it desired."  TSN
     is now seen in 7.2 million homes and has estimated revenues
     of C$50M in '98 (TORONTO SUN, 1/21).  

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