11:03 AM EST - CanWest Media Works Income Fund : reported that it is going private in a deal valuing the fund at $495 million. The complex move involves the CanWest MediaWorks Inc. division and would see each of the fund's units redeemed for $9 in cash. They have been trading for $8.31 on the Toronto stock market. The proposed privatization requires the approval of two-thirds of the votes cast by the fund's unitholders. The various CanWest companies are part of CanWest Global Communications Corp. (TSX:CSG), Canada's biggest newspaper publisher and owner of the Global TV network. CanWest Media Works Income Fund
units CWM.UN:CA are trading up sixty three cents at $9.03.
