More than 20 radio stations in New Zealand will be floated publicly, as part of plans by Canadian broadcast and newspaper group, CanWest Global Communications, to raise more than $100m.

The public will be invited to buy 68m shares in CanWest Media Works, a new company which will acquire CanWest’s existing NZ media operations.

Apart from television operations, NZ radio assets include six national brands and 22 regional stations.

Collectively, the radio operation is in good shape, most recently reporting a six monthly profit of around $15m – up 30% on the previous year.