CanWest Global has successfully sold its controlling stake in the Ten Network in Australia, as the company continues to reduce debt.
Ten told the stock exchange on Friday that the Canadian media group sold its 50% stake at $A1.30 per share to "a broad range of institutional and sophisticated investors".
The ABC reports the $A680 million sale represents a 5% discount to Ten's last closing price before it went into a trading halt on Thursday.
Shares in CanWest - Canada's biggest media company - surged 75% on Thursday on confirmation that the Ten divestment would be used to ease the company's $A3 billion debt burden.
The company, which owns Canada's Global television network and several newspapers, has been hit hard by the recession and falling advertising revenue.