CanWest Offloads New Zealand Operations

WINNIPEG, May 8: CanWest Global Communications Corp. has
reached a deal to sell off its New Zealand operation, CanWest MediaWorks (NZ)
Limited (MWL), parent company of TV3, to HT Media.

HT Media is a subsidiary of Ironbridge Capital, an
Australian private equity firm. CanWest expects to receive NZ$386 million
(approximately C$314 million) from the sale.

Tom Strike, the president of CanWest MediaWorks
International, commented: "For the last 15 years, we've had the privilege
of owning and operating what we believe are New Zealand's premier media
brands—taking TV3 from the brink of bankruptcy in 1992 to MWL's success
today. We have every confidence that MWL will continue as New Zealand's
preeminent media company under its new owner.”