CanWest Global Communications Corp has completed the sale of its New Zealand media assets.

The media giant received $250 million Cdn in cash from the sale of its New Zealand media operations to CanWest MediaWorks (NZ) Ltd., in which it holds a 70 per cent stake.

CanWest has said it will use the proceeds to reduce debt.

To fund the acquisition, CanWest MediaWorks issued 68 million shares and borrowed $167 million Cdn from a New Zealand financial institution.

CanWest's New Zealand holdings included the country's leading privately owned TV network, six national radio networks, 22 regional radio stations and a recently launched music channel.

CanWest MediaWorks' shares will start trading on the New Zealand Stock Exchange on Thursday.

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