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Brook Asset Management has increased its stake in CanWest MediaWorks, owner of TV3, to 6.41 per cent, according to a substantial shareholder notice sent to NZX.
The fund manager has increased its stake at a time when the company's major shareholder CanWest Global of Canada is considering selling out.
Brook's previous stake was 5.25 per cent. Brook executive chairman Simon Botherway said the fund manager bought to take advantage of price weakness and because it liked the media group's interim results, issued last week, the DominionPost newspaper reported.
CanWest MediaWorks posted a 10 per cent rise in interim profit to $14.6 million.
The company said the result reflected a strong bounce back in the New Zealand economy and it was well positioned to take advantage of revenue opportunities as the economy strengthened.
CanWest was confident the 2007 annual ebitda result would be close to last year's result of $67.3 million.
A review of CanWest Global's Australasian assets, including MediaWorks NZ, was progressing according to timetable, the company said at the time of the interim result.
- NZPA
