CanWest MediaWorks Limited Partnership Launches US$650 million Senior Subordinated Notes Offering

    WINNIPEG, June 22 /CNW/ - CanWest Global Communications Corp. ("CanWest")
and CanWest MediaWorks Limited Partnership (the "Limited Partnership")
announced that the Limited Partnership intends to offer US$650 million
(approximately C$692 million at current foreign currency exchange rates)
aggregate principal amount of new senior subordinated notes (the "Notes") due
2017 in a private offering to be conducted pursuant to Rule 144A and
Regulation S under the Securities Act of 1933, as amended. This financing will
be independent of CanWest MediaWorks Inc. ("CanWest MediaWorks"), with
recourse only to the Limited Partnership and its subsidiaries. The offering is
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 credit facilities announced
on June 14, 2007, to refinance the C$1.3 billion short-term loan facility (as
announced on May 25, 2007 relating to the proposed privatization of CanWest
MediaWorks Income Fund) and for general corporate purposes which will, among
other things, include funding future corporate development initiatives or
distributions to CanWest MediaWorks.
    The Notes will not be registered under the Securities Act of 1933 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 new senior subordinated 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

    About CanWest MediaWorks Income Fund and CanWest Global Communications

    CanWest MediaWorks Income Fund (TSX: CWM.UN; 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.
(, 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)

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