TV3 Sale Nears Completion

WINNIPEG, August 23: Granada Media Group will join CanWest
Global Communications Corp. in offloading its stake in Ireland’s TV3 network to
funds managed by Doughty Hanson & Co, with the transaction expected to
close at the end of this month.

The European private equity firm Doughty Hanson & Co.
reached a deal to acquire the Irish terrestrial in May. The deal with CanWest,
which owns 45 percent of TV3’s parent company CanWest Granada Media Holdings
(CGMH), was contingent upon ITV’s Granada Media, which also owns 45 percent of
CGMH, waiving its preemption right.

CanWest expects to receive approximately 133.4 million euros
of the 265 million euros sale proceeds.