Canwest says it would sell off its 50.06 per cent stake in Ten, forcing a trading halt of the network's shares.
The sale of the 523.29 million shares could reap Canwest about $700 million, although the price details are still to be announced.
Ten shares last traded at $1.365, valuing the company at $1.43 billion.
Senator Conroy welcomed news of the sale, saying it was great for Network Ten and Australia.
"What I think it will do is strengthen the position of Channel Ten,'' Senator Conroy said.
There was now an opportunity for Ten to be Australian owned again.
"It will be on the market tomorrow," he said.
"We're not sure what the final outcome will be but hopefully we'll see a fair degree of Australian ownership return."
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