Osprey Media Income Fund announces strategic review process

    MARKHAM, ON, March 5 /CNW/ - Osprey Media Income Fund (TSX: OSP.UN)
announced today that its Board of Trustees has decided to proceed with a
process to consider and review strategic alternatives that may be available to
Osprey to enhance unitholder value.
    Osprey stated that, while its Board of Trustees and management team
periodically review various value enhancement initiatives, they have decided
to formalize and accelerate this process in response to the October 31, 2006
announcement by the Federal Government of its intention to tax income trusts.
The Board has established a special committee of trustees comprised of Mr.
James D. Wallace, Chair, Mr. Mark Davis and Mr. Jerry Patava to supervise this
process and make recommendations to the Board. Osprey has engaged CIBC World
Markets Inc. to act as financial advisor in this initiative.
    Osprey emphasized that the strategic review process is intended to
consider the complete range of alternatives in light of the new environment
facing the income trust sector. It noted, however, that there can be no
assurance that the evaluation process will result in any transaction.
    Osprey is one of Canada's leading publishers of daily and non-daily
newspapers, magazines and specialty publications. Its publications include 21
daily newspapers and 33 non-daily newspapers together with shopping guides,
magazines and other publications.

    FORWARD-LOOKING STATEMENTS: Certain statements contained in this news
release constitute forward-looking statements. The use of any of the words
"anticipate", "continue", "estimate", "expect", "may", "will", "project",
"should", "believe", "intend" and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
The Fund believes the expectations reflected in these forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied upon. These
statements speak only as of the date of this news release.

For further information:

For further information: Michael Sifton, President & CEO, Osprey Media
Income Fund, (905) 752-1132, x.225, msifton@ospreymedia.ca

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