Strong Demand For Canwest Mediaworks Shares

12 July 2004

Strong Demand For Canwest Mediaworks Shares

Final Price and Allocations Set

Auckland – CanWest MediaWorks (NZ) Limited announced today that the final price and institutional allocations of ordinary shares in CanWest MediaWorks have been confirmed. The final price, set following an institutional bookbuild process, is $1.53. At the final price of $1.53, the offer will raise aggregate proceeds of approximately $104.0 million. A total of 68 million shares will be issued by CanWest MediaWorks. No shares in CanWest MediaWorks will be sold by Global Communications Limited.

CanWest MediaWorks has been established to acquire the New Zealand radio and television businesses of the CanWest Global Group, including the largest radio group in New Zealand and the leading privately-owned free-to-air television network. CanWest MediaWorks’ stable of radio and television brands – under the banners of RadioWorks and TVWorks – will include More FM, The Edge, The Rock, Channel Z, Radio Pacific, Solid Gold and 22 regional radio stations, as well as TV3 and C4 television networks. CanWest MediaWorks’ radio and television assets will have a combined reach of 99% of New Zealanders.

“We are delighted that the Offer has been so well received by investors. This is a rare opportunity to invest in what will be New Zealand’s leading mainstream media company,” said CanWest MediaWorks (NZ) Limited Chairman Tom Strike.

Clark Perkins, CEO of Goldman Sachs JBWere – the Lead Manager, Organising Participant and Underwriter for the offer – said the strong demand for CanWest MediaWorks’ shares “is clear recognition that institutional investors have welcomed the opportunity to invest in a high-quality media company, giving them access to an excellent sector that is under-represented on the NZSX”.

The retail offer will close on 21 July and CanWest MediaWorks is expected to list on the NZSX on 29 July. Copies of the combined Prospectus and Investment Statement are available by calling 0800 642 246 or by contacting any Primary Market Participant.

Application has been made to NZX for permission to list the securities and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of the advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.

On completion of the offer and restructuring, CanWest MediaWorks 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, Canada’s largest publisher of daily newspapers, owns, operates and/or holds substantial interests in newspapers, conventional television networks, out-of-home advertising, specialty cable channels, web sites, and radio stations and networks in Canada, New Zealand, Australia and Ireland.

ENDS

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