Canadian media group CanWest has sold its stake in Ulster Television for £59m in a transaction conducted through the London Stock Exchange.

"The sale of CanWest's shares in UTV is consistent with the previously stated intention of the Company to divest non-core, non-strategic assets," explained Leonard Asper, CanWest Global's President and CEO. "While valuable in its own right, CanWest's investment in UTV was no longer considered to be of strategic importance in terms of the Company's overall media strategy."

CanWest will use the proceeds from the sale to reduce bank debt.