Osprey Media announces litigation from Quebecor Media

    TORONTO, June 29 /CNW/ - Osprey Media Income Fund (OSP.UN - TSX)
announced today that on June 28, 2007 Quebecor Media Inc. ("QMI") commenced a
proceeding in the Ontario Superior Court of Justice for certain orders that
would, in effect, prohibit Osprey's Board of Trustees from considering or
dealing with the proposed take-over bid for Osprey from Black Press Ltd. of
Victoria, B.C. that was announced on Wednesday of this week. As previously
announced, QMI has offered to purchase all the outstanding Osprey units at
$7.25 per unit, pursuant to an acquisition and support agreement with Osprey
that was announced on May 31, 2007. QMI is seeking to block Black Press's bid
of $8.25 per Osprey unit. Osprey's agreement with QMI contains a customary
provision allowing Osprey to accept a higher unsolicited bid in certain
circumstances. Osprey intends to vigorously oppose QMI's application, and
understands that the application will be heard by a Justice of the Commercial
List of the Superior Court of Justice in Toronto on Wednesday, July 4, 2007.

    About Osprey Media

    Osprey Media Income Fund is one of Canada's leading publishers of daily
and non-daily newspapers, magazines and specialty publications. Its
publications include 20 daily newspapers and 34 non-daily newspapers together
with shopping guides, magazines and other publications.

    %SEDAR: 00020458E

For further information:

For further information: Michael Sifton, President and Chief Executive
Officer, Osprey Media Income Fund, (905) 752-1132 x 225; David Black,
President, Black Press Ltd, (250) 480-3220

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