CanWest Global Communications Corp. Reports Second Quarter 2007 Results



    CanWest reports growth in Revenue, EBITDA(1) and Net Earnings

    WINNIPEG, April 13 /CNW/ - CanWest Global Communications Corp. announced
today financial results for the second quarter and six months ended February
28, 2007.

    
    -   Second quarter consolidated revenues increased by 7% to $692 million
        compared to $645 million for the same period last year.
    -   Consolidated EBITDA for the second quarter increased 10% to
        $90 million from $81 million for the same period last year.
    -   Consolidated net earnings were $7 million or $0.04 per share for the
        second quarter compared to a net loss of $19 million or $0.11 per
        share last year
    

    "Results for the second quarter were positive, continuing to show a 
turnaround for Canadian television operations and EBITDA growth for our
publications and interactive operations in a tough print advertising market as
well as improved performance in the South Pacific," commented Leonard Asper,
President and Chief Executive Officer of CanWest.
    Revenues for Canadian television operations increased 8% to $166 million,
reflecting increased advertising revenues as a result of an improved program
schedule; Second quarter results reflect the seasonality of our advertising
revenues which are typically highest in the first and third quarters.
    Publishing revenues were flat as compared to the prior year, reflecting a
soft print advertising market bolstered by growth in the Company's online
classified revenues (up 30% as compared to the prior year). EBITDA increased
by 10% or $5 million to $52 million for the quarter as a result of cost
containment initiatives and revenue growth in inserts and retail advertising. 
Circulation was flat as slightly lower circulation volume was offset by price
increases in several markets.
    New Zealand operations registered revenue and EBITDA growth. Combined
revenue for radio and television operations increased by $3 million or 8% to
$48 million for the second quarter as compared to the same period last year.
Combined EBITDA increased by $1 million or 16% to $10 million for the quarter.
    Revenue for Network TEN, the Company's Australian television operations
increased by 14% to $138 million while EBITDA increased by 15% to $37 million.
 These positive results are attributed to record 2006 television audience
ratings and a strengthening advertising market in that country.
    Eye Corp, Ten's outdoor advertising subsidiary recorded revenue increases
of 37% to $35 million for the second quarter. EBITDA was negatively impacted,
as expected, by development and start-up costs related to Eye Corp's entry
into USA shopping mall and European airport operations, which are already
demonstrating their potential.
    Results from the Company's Australian and New Zealand operations were
affected by their strengthening currency relative to the Canadian dollar.
Currency translation rates utilized to translate Australian and New Zealand
second quarter results increased by 6% and 2% respectively as compared to
translation rates for the second quarter last year.

    Six Months Ended February 28, 2007

    For the six months ended February 28, 2007, consolidated revenues were
$1,553 million, representing an increase of 4% over the same period last year.
 Consolidated EBITDA was $316 million compared to consolidated EBITDA of
$315 million for the same period last year. Consolidated net earnings were
$73 million or $0.41 per share, compared to consolidated net earnings of
$11 million or $0.06 per share for the same period last year.

    
    Highlights of the second quarter include the following:

    -   On January 10, 2007, CanWest and GS Capital Partners, a private
        equity affiliate of Goldman, Sachs & Co., announced that they had
        formed a new acquisition company which had entered into a definitive
        agreement with Alliance Atlantis Communications Inc. to acquire all
        of its outstanding Class A voting and Class B non-voting shares at a
        purchase price of CDN$53.00 per share in cash for an aggregate price
        of approximately CDN$2.3 billion of which CanWest will contribute
        $200 million in equity. On April 5, 2007, Alliance Atlantis
        shareholders approved the plan of arrangement. The Company expects
        that the transaction will close in late July or early August. At
        closing Alliance Atlantis will be reorganized into three divisions
        and CanWest will retain an appropriate 29% economic interest in the
        specialty television operations.

    -   CanWest's distributions from the CanWest MediaWorks Income Fund
        totaled $37 million for the second quarter and $73 million for the
        six months ended February 28, 2007.

    -   In January 2007, the Company received interim dividends and interest
        on its subordinated debentures in the aggregate amount of $43 million
        from the TEN Group.

    -   In Canada, Global Television had 3 of the top 10 shows in the three
        metered markets, including Survivor, House and Prison Break. Deal or
        No Deal Canada was a top 20 show in Toronto and Vancouver and a top
        10 show in Calgary.

    -   Specialty subscribers now total 12 million (Mediastats January 2007).
        Since its re-launch one year ago on February 6, 2006, Global National
        with Kevin Newman has led the industry as the most-watched national
        newscast with an average of more than one million viewers per night.

    -   In December 2006, Eye Corp., TEN Group's outdoor advertising
        subsidiary, acquired 100% of the interests of Foxmark Media LLC of
        Chattanooga Tennessee, which has long-term concessions with mall
        operator Westfield Corporation, including the rights to static
        advertising in 49 Westfield Centers and another 21 independent malls.
        This acquisition has extended Eye Corp's reach to almost 300 shopping
        malls in the US.

    -   Plans were announced in Q2 to expand the CanWest News Service. CNS
        will be headquartered in Ottawa and will draw on the exceptional work
        of more than 1,500 talented CanWest print and broadcast journalists
        in 15 cities across Canada and around the world.

    -   The Company is preparing to launch its second FM radio station in the
        UK in Bristol, England and during the second quarter the Company was
        awarded a third radio licence for Aberdeen, Scotland. These stations
        will launch in the Original FM format which targets a 35 to 39 age
        demographic and features an eclectic mix of music from a wide range
        of artists as well as offering 24 hour news coverage. As well, we
        have joined with UK television Broadcaster Channel 4, as a content
        provider, in an application for a national digital radio multiplex.

    -   canada.com achieved a 55% increase in audience over the same period
        last year to over 5.2 million unique monthly visitors
        (ComScore Media Metrix February 2007).

    -   Two free daily news, sports and entertainment tabloids were launched
        in Alberta. Edmonton RushHour and Calgary RushHour joined
        Ottawa RushHour in meeting the information needs of commuters in
        these cities.
    

    Outlook

    "We remain optimistic that we will continue to see improvement in our
financial results for the remainder of 2007," commented Mr. Asper. "We are
well positioned in the South Pacific, where we continue to pay careful
attention to costs and make strategic investment in new programming. We expect
to see ongoing improvement in results for our Canadian television operations
reflecting the improved performance of our program schedule which will be
tempered by a difficult Canadian conventional television advertising market.
Our Canadian publishing operations are also affected by a challenging market,
however, we expect to continue to benefit from our cost containment
initiatives, as well as from growth in online advertising and from the
increased sale of non ROP print products such as inserts."

    This news release contains certain comments or forward-looking statements
about the objectives, strategies, financial conditions, and 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, 2006 dated November 29, 2006
filed by CanWest Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at www.sedar.com) and with the U.S. Securities
and Exchange Commission under Form 40-F (available on EDGAR at www.sec.gov).
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.
    The Company's financial statements are available on the Company's
website: www.canwestglobal.com.
    The Company will hold its regular quarterly conference call with analysts
on April 13, 2007 at 3:00 PM Eastern Standard Time. The call-in numbers are
416-644-3414 or 800-733-7560. Replays are also available for five days
following the call at 416-640-1917 or 877-289-8525 using the pass-code
21223678 followed by the number sign.

    About CanWest Global Communications Corp.
    -----------------------------------------

    CanWest Global Communications Corp. (www.canwestglobal.com), (TSX: CGS
and CGS.A, NYSE:   CWG) an international media company, is Canada's largest
media company. CanWest is Canada's largest publisher of daily newspapers and
also 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,
Singapore, the United Kingdom and the United States.

    
                     CANWEST GLOBAL COMMUNICATIONS CORP.
                        BUSINESS SEGMENT INFORMATION
                                 (unaudited)
                     (in thousands of Canadian dollars)

                                For the three months      For the six months
                                --------------------      ------------------
                                  ended February 28,      ended February 28,
                                  ------------------      ------------------
                                    2007        2006        2007        2006

    REVENUE

    Publications and
     Interactive                 302,564     302,241     646,431     643,539
                               ----------  ----------  ----------  ----------

    Television
      Canada                     166,066     153,722     373,962     340,516
      Australia                  137,537     120,282     353,397     350,978
      New Zealand                 24,781      22,638      58,700      58,738
                               ----------  ----------  ----------  ----------
                                 328,384     296,642     786,059     750,232

    Radio
      New Zealand                 23,610      22,305      45,270      45,877
      Turkey                       3,179           -       6,564           -
      United Kingdom                 277           -         511           -
                               ----------  ----------  ----------  ----------
                                  27,066      22,305      52,345      45,877

    Outdoor - Australia           34,846      25,465      70,374      55,139
    Intersegment revenues           (786)     (1,493)     (2,699)     (1,831)
                               ----------  ----------  ----------  ----------

    CONSOLIDATED REVENUE         692,074     645,160   1,552,510   1,492,956
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    SEGMENT OPERATING PROFIT

    Publications and
     Interactive                  52,356      47,511     140,110     129,135
                               ----------  ----------  ----------  ----------

    Television
      Canada                       2,808          59      40,489      29,140
      Australia                   37,385      32,607     124,082     137,097
      New Zealand                  2,607       1,586      14,729      13,861
                               ----------  ----------  ----------  ----------
                                  42,800      34,252     179,300     180,098

    Radio
      New Zealand                  7,077       6,733      13,107      13,751
      Turkey                         708           -       1,898           -
      United Kingdom              (1,099)          -      (1,922)          -
                               ----------  ----------  ----------  ----------
                                   6,686       6,733      13,083      13,751

    Outdoor - Australia           (2,542)      4,696       2,484      12,165
                               ----------  ----------  ----------  ----------
                                  99,300      93,192     334,977     335,149
    Corporate and other           (9,632)    (11,699)    (18,657)    (20,356)
                               ----------  ----------  ----------  ----------

    OPERATING PROFIT
     (EBITDA)(1)                  89,668      81,493     316,320     314,793
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------

    (1) EBITDA is defined as earnings before interest, income taxes,
        depreciation, amortization, interest rate and foreign currency swap
        gains (losses), foreign exchange gains (losses), investment gains,
        loss on debt extinguishment, minority interest, interest in earnings
        (loss) of equity accounted affiliates, realized currency translation
        adjustments and earnings (loss) from discontinued operations. This
        supplementary earnings measure does not have a standardized meaning
        prescribed by Canadian generally accepted accounting principles and
        may not be comparable to similar measures presented by other
        companies nor should it be viewed as an alternative to net earnings.
        The reconciliation of EBITDA to net earnings is evident on the face
        of the following consolidated statements of earnings.



                     CANWEST GLOBAL COMMUNICATIONS CORP.
                 CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
                                 (UNAUDITED)
        (In thousands of Canadian dollars except as otherwise noted)


                                   For the three             For the six
                                    months ended            months ended
                                --------------------    --------------------
                                February    February    February    February
                                28, 2007    28, 2006    28, 2007    28, 2006


    Revenue                      692,074     645,160   1,552,510   1,492,956
    Operating expenses           389,069     359,609     808,530     766,338
    Selling, general and
     administrative expenses     213,337     204,058     427,660     411,825
                               ----------  ----------  ----------  ----------
                                  89,668      81,493     316,320     314,793

    Amortization of intangibles    1,878       4,887       3,279      10,462
    Amortization of property,
     plant and equipment          26,031      24,372      49,890      47,904
    Other amortization               426       1,339         997       2,793
                               ----------  ----------  ----------  ----------
    Operating income              61,333      50,895     262,154     253,634
    Interest expense             (46,109)    (46,326)    (90,866)    (98,836)
    Interest income                  861         737       2,470       1,252
    Amortization of deferred
     financing costs              (1,467)     (1,481)     (3,878)     (3,430)
    Interest rate and foreign
     currency swap gains
     (losses)                     12,221      (7,160)     21,000    (127,699)
    Foreign exchange gains
     (losses)                      3,816         149       6,693        (425)
    Investment gains                 707       1,839         717     103,057
    Loss on debt extinguishment        -        (291)          -    (116,880)
                               ----------  ----------  ----------  ----------
                                  31,362      (1,638)    198,290      10,673
    Provision for
     (recovery of) income
     taxes                         8,746         108      66,475     (54,718)
                               ----------  ----------  ----------  ----------
                                  22,616      (1,746)    131,815      65,391

    Earnings (loss) before
     the following
    Minority interests           (17,111)    (16,729)    (60,987)    (60,444)
    Interest in earnings
     (loss) of equity
     accounted affiliates            958          (3)      1,321         827
    Realized currency
     translation adjustments       1,025      (1,664)        600      (1,780)
                               ----------  ----------  ----------  ----------
    Net earnings (loss) from
     continuing operations         7,488     (20,142)     72,749       3,994

    Earnings (loss) from
     discontinued operations        (425)        800         677       6,569
                               ----------  ----------  ----------  ----------

    Net earnings (loss) for
     the period                    7,063     (19,342)     73,426      10,563
                               ----------  ----------  ----------  ----------
                               ----------  ----------  ----------  ----------


    Earnings (loss) per share
     from continuing operations:
      Basic                        $0.04      ($0.11)      $0.41       $0.02
      Diluted                      $0.04      ($0.11)      $0.41       $0.02

    Earnings (loss) per share:
      Basic                        $0.04      ($0.11)      $0.41       $0.06
      Diluted                      $0.04      ($0.11)      $0.41       $0.06

    





For further information:

For further information: John Maguire, Chief Financial Officer, CanWest
Global Communications Corp., (204) 956-2025, jmaguire@canwest.com; Deb Hutton,
Senior Vice President, Corporate Communications, CanWest Global Communications
Corp., (416) 383-2442, dhutton@canwest.com

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