CanWest to Acquire Control of New Zealand's TV3.

WINNIPEG, Manitoba--(BUSINESS WIRE)--Oct. 30, 1996--CanWest Global Communications Corp. (NYSE: CWG, TSE: CGS.S, CGS.A) announced today that one of its wholly owned subsidiaries has entered into an agreement with Westpac Communications -NZ- Limited, a subsidiary of Westpac Banking Corporation, to acquire Westpac's 50 percent equity interest in New Zealand's TV3 Network on April 1, 1997 for a purchase price of NZ$78.8 million payable on Sept. 2, 1997.

On completion of the acquisition of Westpac's 50 percent equity interest in TV3, CanWest will own 68 percent of TV3's shares and will hold options over the remaining 32 percent of TV3's shares.

In a separate transaction, TV3 is to redeem in full the NZ$74 million note issue it made in 1991. Funds for the redemption are to be furnished by means of a NZ$51.2 million loan to TV3 from another of CanWest's subsidiaries and from a portion of TV3's cash reserves. Redemption of these notes will result in a NZ$14.8 million payment to CanWest.

Commenting on the acquisition, I.H. Asper, O.C., Q.C., CanWest's Chairman and Chief Executive Officer, and Chairman of TV3's Board of Directors, said: "On completion of the acquisition of Westpac's interests in TV3, both CanWest and TV3 will be better positioned to respond more effectively and expediently to new development opportunities in the Australasia region."

"Since our initial investment five years ago, CanWest has developed many valuable business, industry and community-oriented relationships with local executives and political and community leaders," said Gerry Noble, CanWest's Vice President, Operations, and TV3's former Managing Director. "We believe that our increased equity presence in TV3 will further enhance these already strong relationships with the New Zealand business and political communities and will position CanWest as an important contributor to the local economy."

The acquisition of Westpac's interests in TV3 will have a significantly positive impact on CanWest's operating results in the future.

The sale of Westpac's interests in TV3 comes after a successful five-year partnership with CanWest, said Asper. "Although we have certainly enjoyed our relationship with Westpac, we are very pleased that they decided to sell. We applaud Westpac for their original initiative in rescuing TV3 from bankruptcy, and we are extremely grateful to them for bringing CanWest into TV3."

CanWest Global Communications Corp. is a leading international television broadcaster. In Canada, the Company owns and operates the CanWest Global System, Canada's largest private sector broadcaster. In addition to its ownership position in New Zealand's TV3, the Company owns a substantial economic interest in Australia's Network Ten. Through these broadcasting operations, CanWest reaches approximately 35.8 million English-speaking people in markets that are estimated to have generated approximately C$4.4 billion in advertising expenditures in 1995.

CONTACT: CanWest Global Communications Corp.

I.H. Asper, 204/956-2025

Gerry Noble, 204/956-2025