Canwest Mediaworks Confirms IPO Plans

Wednesday 19 May 2004

CANWEST MEDIAWORKS CONFIRMS
INITIAL PUBLIC OFFERING (IPO) PLANS

CanWest MediaWorks (NZ) Limited’s Chairman, Tom Strike, today confirmed the Company’s plans to offer for sale to the public 68 million ordinary fully-paid shares.

The offer is expected to raise up to NZ$119 million in new capital for CanWest MediaWorksNZ, all of which will be used to fund in part its acquisition of the CanWest group’s New Zealand media operations. These include New Zealand’s largest radio group, which manages 6 national radio brands – The Edge, Channel Z, The Rock, More FM, Radio Pacific and Solid Gold – and 22 regional radio stations, as well as TV3 and C4 – the newly launched free-to-air music channel.

Following completion of the offer, the CanWest group will be the majority shareholder in CanWest MediaWorksNZ, holding approximately 70% of its shares, with the balance of the shares owned by public market investors. Pursuant to an over-allotment option, an additional 13.6 million shares may be made available for sale to the public by the CanWest group, which if fully exercised would reduce its ownership of the Company to approximately 64%. Through this over-allotment option the offer size may be increased by up to NZ$23.8 million, raising the total offer size to up to NZ$142.8 million.

The offer is expected to open on or about 9 June and close on or about 29 June. The offer will comprise a retail offer for general investors, employees and brokers, and an institutional offer. The retail price will be determined by way of an institutional bookbuild.

Goldman Sachs JBWere has been appointed as lead manager of the offer.

This media release contains comments or forward-looking statements that are based largely upon the Company’s current expectations and are subject to certain risks, trends and uncertainties. These factors could cause actual future performance to vary materially from current expectations. CanWest MediaworksNZ may not update or revise any forward-looking statements or comments, whether as a result of new information, future events or otherwise.

Upon completion of the offer and the acquisition of the media operations, CanWest MediaWorksNZ will be a subsidiary of CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.S and CGS.A; www.canwestglobal.com), an international media company. CanWest Global, Canada’s largest publisher of daily newspapers, owns operates and/or holds substantial interests in newspapers, conventional television, out-of-home advertising, specialty cable networks, radio networks and stations, and web sites in Canada, New Zealand, Australia, Ireland and the United Kingdom.

Ends

No money is currently being sought and no applications for CanWest MediaWorks (NZ) Limited securities will be accepted or money received unless the subscriber has received an investment statement for the CanWest MediaWorks (NZ) Limited share offer.

CanWest MediaWorks (NZ) Limited does not yet own any of the brands referred to in this media statement. CanWest MediaWorks (NZ) Limited has been established as a holding company and will acquire CanWest RadioWorks Limited and CanWest TVWorks Limited, the companies that currently own all of the above brands, immediately after the successful completion of this offer, from the CanWest group on completion of the offer.

ENDS

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