Canwest awarded more than $50 million in Hollinger arbitration decision



    TORONTO, Jan. 29 /CNW/ - An arbitrator has awarded Canwest Global
Communications Corp. ("Canwest") $50,747,092.00 in a dispute with Hollinger
International Inc. - now Sun-Times Media Group, Inc. - and related parties
("Hollinger").
    The decision by the arbitrator concerns a dispute between the two
companies relating to unresolved adjustments and claims associated to
Canwest's November 15, 2000 acquisition of certain newspaper assets from
Hollinger.
    "While the proceedings have been protracted over several years, we
obviously feel justified that the time and effort it took to pursue the claim
has been worth it," Canwest President and CEO Leonard Asper said. "The results
demonstrate the value of our resolve in dealing with this issue."
    The award is exclusive of interest and legal costs. Now that the
substance of the claims has been determined, Canwest and Hollinger will appear
before the arbitrator at a later date to argue the issues of interest and
costs. Canwest intends to assert that in accordance with the transaction
agreement, interest at various rates, including its cost of borrowed funds, is
to be accrued on the net amount owing it from as early as August 31, 2000.
    The arbitrator's final decision is subject to a limited right of appeal
to the Ontario Superior Court, with leave, within 30 days of the final
decision.
    Canwest had originally claimed it was owed $84 million by Hollinger. This
claim was disputed by Hollinger and certain of its affiliates who asserted
they were owed $116 million by Canwest. After a 16 month arbitration process -
that commenced in February 2007 and concluded in June 2008 - the arbitrator
found Canwest is due a net amount of just under $51 million, exclusive of
interest and costs. The substantial portion of the award will be for the
benefit of Canwest Media Inc., with the balance being for the benefit of
Canwest Publications Inc.

    Forward Looking Statements:

    This news release contains certain forward-looking statements about the
objectives, strategies, financial conditions, results of operations and
businesses of Canwest. Statements that are not historical facts are
forward-looking and are subject to important risks, uncertainties and
assumptions. These statements are based on our current expectations about our
business and the markets in which we operate, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known or
unknown risks, trends or uncertainties affect our business, or if our
estimates or assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking statement
will materialize. Significant and reasonably foreseeable factors that could
cause our results to differ materially from our current expectations are
discussed in the section entitled "Risk Factors" contained in our Annual
Information Form for the year ended August 31, 2008 dated November 24, 2008
filed by Canwest Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at www.sedar.com ), as updated in our most
recent Management's Discussion and Analysis for the three months ended
November 30, 2008. We disclaim any intention or obligation to update any
forward-looking statement even if new information becomes available, as a
result of future events or for any other reason.

    About Canwest Global Communications Corp.

    Canwest Global Communications Corp. (www.canwest.com), (TSX: CGS and
CGS.A,) an international media company, is Canada's largest media company. In
addition to owning the Global Television Network, Canwest is Canada's largest
publisher of English language daily newspapers and owns, operates and/or holds
substantial interests in conventional television, out-of-home advertising,
specialty cable channels, web sites and radio stations and networks in Canada,
New Zealand, Australia, Turkey, Indonesia, Singapore, the United Kingdom and
the United States.





For further information:

For further information: Media Contact: John Douglas, Vice President,
Public Affairs, Tel: (204) 953-7737, jdouglas@canwest.com

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