CW Media Holding Inc. Completes US$312 Million Senior Notes Offering



    WINNIPEG, July 3 /CNW/ - Canwest Global Communications Corp. ("Canwest")
today announced that its subsidiary entity, CW Media Holdings Inc. (the
"Issuer"), has completed a private offering of US$312 million (approximately 
C$318 million) aggregate principal amount of 13.5% senior notes (the "Notes")
due August 15, 2015. The financing is independent of Canwest with recourse
only to the Issuer and its wholly-owned subsidiaries.
    The net proceeds from the issuance of the Notes, together with cash on
hand, have been used to repay in full the approximately US$331 million
outstanding under the Issuer's interim and term senior unsecured credit
facility established in connection with Canwest's acquisition of the broadcast
operations of Alliance Atlantis in August 2007.
    "This transaction provides long term financing for this subsidiary. Given
difficult credit markets, we are pleased to have this financing completed,"
commented John Maguire, Canwest's Chief Financial Officer.
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any Notes, nor shall there be any sale of the
Notes in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such jurisdiction.
    The Notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and may not be offered or sold in the United States absent
registration under the Securities Act or pursuant to an available exemption
from registration under the Securities Act. Any public offering of securities
of the Issuer to be made in the United States would have to be made by means
of a prospectus that would be available from the Issuer and would contain
detailed information about the Issuer and its management, as well as financial
statements.

    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, 2007 dated November 20, 2007
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 and six months ended
February 29, 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; Investor Contact:
Hugh Harley, Director, Investor Relations, Tel: (204) 953-7731,
hharley@canwest.com

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