Canwest's profit up 85 percent; revenue increases 23 percent.

WINNIPEG, Manitoba--(BUSINESS WIRE)--Nov. 20, 1995--CANWEST GLOBAL (TSE, WINNIPEG STOCK EXCHANGE:CWW) CanWest Global Communications Corp. today announced record-breaking financial results for the year ended August 31, 1995.

The Company reported strong growth in revenue, operating profit, net earnings and cash flow. Earnings from continuing operations after tax were $82.8 million, up 85 percent over last year's $44.7 million. Earnings per share from continuing operations were $2.02 compared to $1.17 in 1994.

Performance Highlights for the Year Ended August 31, 1995 Compared With 1994 Results:

- Revenue up 23 percent to $336.7 million

- Operating profit up 23 percent to $88.9 million

- Interest in earnings of Network Ten up 118 percent

to $53.8 million

- Earnings from continuing operations up 85 percent to

$82.8 million

- Consolidated net earnings up 57 percent to $70.4 million

- Earnings per share from continuing operations up

73 percent to $2.02 per share

- Cash flow from continuing operations up 74 percent to

$71.4 million

- Cash flow per share from continuing operations up 63 percent

to $1.74 per share

- Combined CanWest Global and Network Ten revenue up 18 percent

to $711.4 million

- Combined CanWest Global and Network Ten operating profit

up 32 percent to $209.7 million

STRONG PERFORMANCE IN CANADA, AUSTRALIA PROPELS CANWEST TO RECORD-BREAKING YEAR

CanWest Global Communications Corp. reported record consolidated revenue for the year ended August 31, 1995 totaling $336,698,000, an increase of $63,302,000 or 23.2 percent over revenue of $273,396,000 in fiscal 1994. Operating profit increased 22.9 percent from $72,331,000 last year to $88,867,000 for the year ended August 31, 1995.

The CanWest Global System, the Company's Canadian television operation, reported revenue for the year of $297,773,000, up 21.4 percent over revenue of $245,339,000 last year. Operating profit from Canadian operations of $81,149,000 increased $12,341,000, or 17.9 percent over the previous year.

Cash flow from continuing operations totaled $71,363,000 for the year, up 74.1 percent from cash flow of $40,986,000 in the previous year. Excluding distributions from Network Ten, CanWest Global's cash flow from operating activities totaled $44,383,000, representing an increase of $7,940,000, or 21.8 percent, over the prior year. Cash flow per share from continuing operations totaled $1.74 compared to $1.07 per share last year.

The consolidated results include the Company's proportionate share of the accounts of the Company's international operations at TV3 New Zealand. TV3's revenue in fiscal 1995 increased 38.7 percent to $38,925,000 over the prior year and its operating profit increased by 175.6 percent to $7,544,000 in 1995.

Australia's Network Ten continues to report increased levels of revenue and net earnings. CanWest Global's share of the net earnings from Network Ten for the year ending August 31, 1995 amounted to $53,843,000 compared to $24,729,000 last year. 1995 results include a $5.4 million gain, representing the Company's share of the gain on disposition of the Canberra television station by Capital Television, an affiliate of Network Ten. Network Ten's acquisition of a 50 percent interest in Capital Television last year has contributed to the growth in Network Ten's earnings. CanWest Global holds a 57.5 percent economic interest in Network Ten.

During the year, Network Ten declared dividends in the aggregate amount of A$45.5 million, of which CanWest received A$6.8 million, said Thomas C. Strike, CanWest Executive Vice-President, Business Development and Chief Financial Officer. "The dividends triggered interest obligations in respect of the subordinate participating debentures of Network Ten held by CanWest in the amount of A$45.5 million, net of Australian withholding taxes," he stated. "With these payments, we and our Australian partners who joined our consortium less than three years ago have now received a cash payback of approximately 110 percent of our original investment."

Commenting on Network Ten's year, CanWest's Chairman and Chief Executive Officer, I.H. Asper, O.C., Q.C., who is also Deputy Chairman of Network Ten said: "Network Ten's 1995 financial performance is nothing short of outstanding and we are forecasting even greater achievement in fiscal 1996. The network still has great growth potential in terms of revenue and audience share."

"When our consortium took over the operation less than three years ago, advertisers were reluctant," he added. "Today, the relationship is rock solid, both with them and our under 40 target audience."

While CanWest's record level of earnings was achieved primarily as a result of the continued success of the Company's investment in Network Ten, Mr. Asper was quick to point to the dramatically improved results from Canadian operations and continued improvement at TV3 as major contributors to this year's strong financial performance: "Much of the credit for our outstanding year must go to our Canadian operations where revenue rebounded dramatically after suffering through a sluggish advertising market during much of 1994." Jim Sward, President and Chief Operating Officer of the CanWest Global System noted that the strong growth in revenue from Canadian broadcast operations could largely be attributed to CanWest Global's powerful program schedule which translated into strong ratings performance in all markets, and therefore increased airtime sales: "CanWest Global's television stations improved their performance versus a year ago, while our major competitors declined in the key 7 p.m. to 11 p.m. timeblock. In the Toronto area, for example, Global Television moved into first place this past year and is now the most watched television network in this coverage area in the very important 18 to 49-year old market. Global has approximately 30 percent more audience than its closest competitor during primetime viewing hours."

CanWest Global System stations enjoyed similar success in Vancouver and Winnipeg. In Vancouver, Canada's second largest English-speaking market, U.TV moved from second place to number one during the past year, while in Winnipeg, CKND's three major competitors lost ground to it.

With the British regulator's decision not to award the Channel 5 Network licence to the CanWest consortium, CanWest decided that its investment in Talk Radio UK Ltd. has lost its strategic value. Accordingly, it has been reported as a discontinued operation in 1995. The investment was sold earlier this month, and a gain of approximately $1.5 million will be reported in the first quarter of 1996.

As part of its development strategy the Company intends to solidify and strengthen its core business operations in Canada and to this end, has agreed to acquire a controlling interest in CKMI and applied to the CRTC to extend the CKMI signal to Montreal. In addition, last week CanWest made an offer to purchase all of the outstanding shares of WIC Western International Communications Ltd.

As a result of these and other impending development opportunities, the Company has decided to put on hold its Hispanic strategy and is currently considering its options regarding its 50 percent interest in La Red Television Network, including a possible sale of its stake in the Chilean network. Accordingly, its results have been reported as a discontinued operation in 1995.

CanWest Global operates the CanWest Global System in Canada and has significant broadcast interests internationally.

                          Year ended August 31

                            1995        1994      Increase
                            $000        $000      percent

CANWEST GLOBAL
Revenue                  336,698     273,396         23.2

Operating profit before
 amortization             88,867      72,331         22.9

Interest in earnings of
 Network Ten (1)          53,843      24,729        117.7

Earnings from continuing
 operations
 (net of income taxes)    82,757      44,716         85.1

Loss from discontinued
 operations (2)           12,374           -            -

Net earnings              70,383      44,716         57.4

Cash flow from continuing
 operations               71,363      40,986         74.1

Earnings per share from
 continuing
 operations (3)

  Basic                 $   2.02    $   1.17         72.6
  Fully diluted         $   1.99    $   1.16         71.6

Cash flow per share from
 continuing
 operations (3)

  Basic                 $   1.74    $   1.07         62.6
  Fully diluted         $   1.72    $   1.06         62.3

NETWORK TEN (1)

Revenue                  374,730     328,244         14.2

Operating profit before
 amortization            120,829      86,535         39.6

Interest in earnings of
Capital Television:

  Earnings from continuing
   operations
   (net of income taxes)   5,050       2,071        143.8

  Interest in gain on
    disposal of Canberra
    television station
    (net of income taxes) 10,832           -            -
                       ---------   ---------    ---------
                          15,882       2,071        666.9
                       ---------   ---------    ---------

Earnings (4)             102,730      51,355        100.0

Cash Flow (4)            100,713      63,443         58.7

NOTES:

(1)  CanWest Global has a 57.5 percent economic interest in
Ten in Australia, which is recorded on the equity basis of
accounting.  Network Ten's results have been translated to
dollars and prepared in accordance with accounting principles
generally accepted in Canada.

(2)  Loss from discontinued operations includes the company's
proportionate share of losses from La Red and Talk Radio.

(3)  Per share amounts have been adjusted to reflect the February
1995 two-for-one stock split.

(4)  Before interest on subordinate debentures held by CanWest
Global.

CONTACT: Thomas C. Strike, [phone]