Alliance Atlantis Sale Completed

WINNIPEG, August 16: CanWest Global Communications Corp. and
Goldman Sachs Capital Partners have completed their acquisition of Alliance
Atlantis Communications.

The company’s broadcasting, entertainment and motion picture
distribution businesses have been reorganized and split into separate groups
that will each be operated on a stand-alone basis.

The broadcasting businesses are now held by CW Investments,
in which CanWest indirectly holds two-thirds of the voting shares and an
approximate 35 percent equity interest. Goldman Sachs indirectly holds
one-third of the voting shares and an approximate 65 percent of equity
interest. CanWest has no continuing interest in Alliance Atlantis's
entertainment or motion picture distribution businesses.

Certain Alliance Atlantis specialty television channels have
been placed into a trust under the direction of Jim Macdonald, the independent
trustee, pending the CRTC's decision to approve the change of ownership. A
hearing is scheduled for September 5, 2007. Once approval is obtained the
channels will be transferred to CW Investments, whose 13 Alliance Atlantis
specialty channels will then be combined with CanWest's Canadian television
business.

"We are extremely pleased that the acquisition of
Alliance Atlantis has been completed," said Leonard Asper, the president
and CEO of CanWest. "When we embarked on this process at the beginning of
the year, it was because we believed in the significant opportunities that
exist by combining CanWest's Canadian television assets with the channels that
have been created by the team at Alliance Atlantis. Today brings us one step
closer to creating an even stronger Canadian broadcasting company."

Alliance Atlantis’s executive chairman, Michael MacMillan,
has agreed to serve as a consultant to CW Investments for a period of time. CEO
Phyllis Yaffe will work with the independent trustee until the CRTC decision is
made.