In a news release posted on its website, Canwest Global Communications announced it has sold its 16.6 million shares in Score Media for $6.6 million.

The proceeds will go to Canwest subsidiary CW Media. The release goes on to say:

On March 2, 2009 Canwest and CW Media sold 9.0 million Class A Shares at $0.40 per share by way of private placement with gross proceeds of $1.6 million going to Canwest and $2.0 million to CW Media. CW Media intends to now convert its outstanding 4,434 Special Voting Shares of SMI into Class A Shares and sell them in the open market.

Canwest Global and its senior lenders agreed earlier this week to a two-week extension of a waiver of certain borrowing conditions, giving it "sufficient liquidity to continue to operate normally through the period."

Crawford Kilian is a contributing editor of The Tyee.