CanWest Launches $950 million Financing

    TORONTO, June 14 /CNW/ - CanWest Global Communications Corp. ("CanWest")
today announced that its subsidiary, CanWest MediaWorks Limited Partnership
(the "Limited Partnership"), intends to put in place new senior secured credit
facilities totaling $950 million. The financing consists of a $250 million
revolving facility and a $250 million term loan, the syndication of which will
be led by The Bank of Nova Scotia ("Scotia Capital"), and a $450 million
institutional loan, the placement of which will be led by Scotia Capital and
Citi. This financing will be independent of CanWest MediaWorks Inc. ("CanWest
MediaWorks") and recourse only against CanWest MediaWorks (Canada) Inc. (the
general partner of the Limited Partnership), the Limited Partnership and its
subsidiaries. The financing is subject to customary closing conditions,
including completion of the proposed privatization.
    The Limited Partnership will use proceeds from the new facilities to
refinance, in part, the $1.3 billion short-term loan facility as announced on
May 25, 2007 relating to the proposed privatization of CanWest MediaWorks
Income Fund. The Limited Partnership intends to refinance the remainder of the
short-term facility and also raise funds for general corporate purposes, which
may among other things include funding future corporate development
initiatives or future distributions to CanWest MediaWorks, through the
issuance of up to $700 million of unsecured notes and/or second lien credit
facilities shortly following closing of the $1.3 billion of the short term
loan facility.

    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

    About CanWest Global Communications Corp.

    CanWest Global Communications Corp. (, (TSX: CGS
and CGS.A) an international media company, is Canada's largest media company.
In addition to owning the Global Television Network, CanWest also owns,
operates and/or holds substantial interests in Canada's largest publisher of
daily newspapers, and 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

For further information:

For further information: John Maguire, Chief Financial Officer, Ph:
(204) 956-2025,

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