WINNIPEG, Feb. 5 /CNW/ - Canwest Global Communications Corp ("Canwest" or
the "Company") announced today that it is exploring strategic options for five
of its conventional television stations, CJNT-TV in Montreal, CHCH-TV in
Hamilton, CHCA-TV in Red Deer, CHBC-TV in Kelowna and CHEK-TV in Victoria.
The sale of the stations is one of several options being considered by
the Company following an internal review. RBC Capital Markets has been
retained to assist in this process.
"These stations have proud histories of serving their communities with
strong independent voices," Canwest President and CEO Leonard Asper said.
"However, as they are currently configured, these stations are not core to our
television operations going forward."
He added: "In the current economic environment, we believe that our
efforts are best focused on the areas of greatest return including the
continued growth of our industry-leading specialty channels and in increasing
the linkages between those channels and our powerful Global conventional
television brand. We believe this process will lead to significantly enhanced
Mr. Asper said Canwest has taken advantage of the shifting television
viewing audiences to develop a much stronger presence in specialty channels
and digital media while increasing the strategic interdependence between these
and the Global network. This relationship has helped generate industry leading
growth among Canwest's specialty channels. As a result, Canwest has come to
the determination that operating a second conventional TV network in Canada is
no longer key to the long-term success of our broadcasting business.
"Going forward, this allows us to invest in the areas that provide the
greatest return," Asper said.
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. Unless required by law, 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, 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, email@example.com; Investor Contact:
Hugh Harley, Director, Investor Relations, Tel: (204) 953-7731,