CanWest MediaWorks Limited Partnership Prices US$400 million Senior Subordinated Notes Offering



    Also Increases Size of New Senior Secured Credit Facilities

    WINNIPEG, June 28 /CNW/ - CanWest Global Communications Corp. ("CanWest")
and CanWest MediaWorks Limited Partnership (the "Limited Partnership")
announced that the Limited Partnership has priced a US$400 million offering of
senior subordinated notes (the "Notes") due 2015. The Notes, which will be
callable after four years, were priced at par and will carry a coupon of 9.25%
per annum, payable semi-annually. The Notes were offered pursuant to Rule 144A
and Regulation S under the U.S. Securities Act of 1933, as amended. The
Limited Partnership is also increasing the size of its new senior secured
credit facilities (previously announced on June 14, 2007) from C$950 million
to C$1,090 million. These financings will be independent of CanWest MediaWorks
Inc. ("CanWest MediaWorks"), with recourse only to the Limited Partnership and
its subsidiaries (and in the case of the new senior secured credit facilities,
to the general partner of the Limited Partnership). The financings are subject
to customary closing conditions, including completion of the proposed
privatization of CanWest MediaWorks Income Fund.
    The Limited Partnership intends to use the proceeds from the issuance of
the Notes, together with the proceeds from the new senior secured credit
facilities, to refinance the C$1,300 million short-term loan facility
established in connection with the contemplated privatization and for general
corporate purposes which will, among other things, include funding future
corporate development initiatives and/or distributions to CanWest MediaWorks.
    The Notes will not be registered under the U.S. Securities Act of 1933,
as amended, or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements. This news release shall not constitute an offer to sell or a
solicitation of an offer to buy the Notes.

    Forward Looking Statements
    --------------------------
    This news release contains certain comments or "forward-looking
statements" relating to the proposal to take the CanWest MediaWorks Income
Fund private. Statements that are not historical facts are forward-looking and
are subject to important risks, uncertainties and assumptions. Factors that
could cause actual events to vary from current expectations include the risks
that parties will not proceed with a transaction and that the transaction will
not be successfully completed for any reason (including the failure to obtain
the required unitholder approvals or financing). CanWest disclaims 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 MediaWorks Income Fund and CanWest Global Communications
    -----------------------------------------------------------------------
    Corp.
    -----

    CanWest MediaWorks Income Fund (TSX: CWM.UN; www.cwmincomefund.com) is an
unincorporated, open-ended trust that holds an approximate 26% equity interest
in CanWest MediaWorks Limited Partnership, which is the largest publisher of
newspapers in Canada, as measured by paid circulation, readership and revenue.
CanWest MediaWorks Limited Partnership is 74% owned by CanWest MediaWorks
Inc., a wholly owned subsidiary of CanWest Global Communications Corp.
(www.canwestglobal.com), an international media company listed on the TSX
(trading symbols: CGS and CGS.A) and Canada's largest media company. CanWest
is Canada's largest publisher of daily newspapers, and owns, operates and/or
holds substantial interests in free-to-air and subscription-based television
networks, out-of-home advertising, web sites, and radio stations and networks
in Canada, New Zealand, Australia, Singapore, Indonesia, Turkey, the United
States and the United Kingdom.





For further information:

For further information: John Maguire, Chief Financial Officer, (204)
956-2025, jmaguire@canwest.com

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CANWEST MEDIAWORKS INCOME FUND

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