Ten Network is now under the control of CanWest Global Communications, which on Tuesday upped its share of the Australian broadcaster to 56% following recent regulatory approval and a stock shuffle.

CanWest is now the majority stockholder in Ten, holding some 523 million shares indirectly through its holdings in Ireland. The company announced plans to increase its stake in the network in June, after a nine-month search failed to find a buyer. Earlier this year, CanWest sold its radio and TV interests in New Zealand.

CanWest president and CEO Leonard Asper has said there is still unfulfilled potential in Ten, which operates five commercial TV stations and Eye Corp, an out-of-home advertising business with operations in Singapore, Indonesia, the U.K., the U.S., Australia and New Zealand.

The deal was approved earlier this month by the Aussie Foreign Investment Review Board, with a few reported conditions. Ten’s executive and financial chiefs must live in Australia, a majority of its board of directors must be Australians and it must remain listed on the Australian Securities Exchange. It must also remain headquartered in Australia and hold a majority of its board meetings Down Under.