CanWest to Retain TEN Stake

WINNIPEG, June 19: CanWest Global Communications has opted
to retain its stake in Australia’s Network TEN, after announcing in October
that it was exploring the sale of the broadcast outlet.

"We have spent the last several months considering our
strategic options regarding our investments in the South Pacific," stated
Leonard Asper, CanWest's president and CEO. "In the case of our New
Zealand operations, we determined to divest our investment position. In
Australia, however, we have determined that retaining our investment in TEN to
be in the best interests of our shareholders. We believe that the company's
operations have growth potential still to be realized and that our shareholders
would be best served by participating in that potential."

CanWest intends to exercise its right to exchange its
ordinary shares and convertible debentures of TEN into ordinary shares of Ten
Network Holdings Limited (TNH). Upon completion of the exchange, CanWest would
become TNH's majority shareholder, holding approximately 523 million shares in
TNH, representing a 56 percent controlling equity stake. The transaction is
subject to approval by Australia's Foreign Investment Review Board.

"We believe that both TEN's television and out-of-home
advertising operations have very bright futures," stated Tom Strike, the
president of CanWest MediaWorks International. "TEN has proven an
extraordinarily successful investment for our company over the last 15 years,
and we see that success continuing. We also believe that there is scope for
providing significant cash distributions to TNH's shareholders in the future,
including by way of returning capital and/or offering to buy back shares,
without limiting its prospects for growth. It also provides CanWest with
maximum financial flexibility regarding its investment in TNH and its operating
subsidiaries—the Ten Television Network and Eye Corp."