Canwest Global Communications is to sell off its 50.6% stake in Australia’s Network Ten by Oct. 1 to raise around $634 million to pay down debt.

A spokesman for Canwest confirmed the sale of its controlling stake in the Australian broadcaster via a block trade executed by Sydney-based Macquarie Capital Advisers.

The network’s parent, Ten Network Holdings, had its shares halted in Australian financial markets Thursday ‘to enable the sell down to be conducted in an orderly manner.’

Shares in Canwest Global shot up on the Toronto Stock Exchange following the news, going for $0.20, up from $0.09, in late-afternoon trading.

The sale ends sold its TV and radio holdings in nearby New Zealand.

The Australian network in better times spun off healthy profits for use by Canwest Global to build out its Canadian and international operations.

But that expansion is past as the Canadian broadcaster continues to wrestle with outstanding debt and a TV ad slump.