Correcting...CORRECTION: CanWest Global Communications Corporation - Network Ten Australia Posts Strong Financial Results For Year Ended June 30, 1997.

WINNIPEG, MANITOBA--(BUSINESS WIRE)--Aug. 7, 1997-- (NYSE CWG, TSE CGS.S CGS.A ) Earnings, operating profit, advertising revenue all record significant increases over prior year.

Boosted by increasing advertising revenue and inclusion of the Perth and Adelaide affiliated stations for a full 12-month period, Australia's Network TEN announced improved financial results for the fiscal year ended June 30, 1997.

Network TEN, in which CanWest has an approximate 76 percent economic interest, reported strong financial results in all areas, including significant increases in operating profit before amortization (EBITDA), operating profit (EBIT) and net profit before income tax.

For the 1997 fiscal year, Network TEN's EBIT, the common performance benchmark in Australia, rose 11.0 percent to A$154.5 million from last year's level of A$139.2 million. In addition, the Network's net profit before consideration of income taxes and interest on subordinate debentures held by CanWest of A$146.9 million represented a 12.8. percent increase over the A$130.2 million recorded during fiscal 1996.

In Canada, the more common financial performance benchmark is earnings before interest, taxes and depreciation (EBITDA), commonly referred to as operating profit before amortization. Network TEN recorded EBITDA of A$163.0 million for the current fiscal year, up 9.9 percent over the A$148.3 million reported in the prior year.

TEN's results include contributions from the Adelaide and Perth Network TEN affiliated stations for a full 12-month period. TEN acquired the stations in the corresponding period last year and the fiscal 1996 financial results included only eight months' contribution from the Perth and Adelaide stations.

Network TEN's advertising revenue rose 16.6 percent in fiscal 1997 against the 1996 year, due to the inclusion of Perth and Adelaide for the full year. On a comparable basis, advertising revenue grew by 6.1 percent, which, John Maguire, CanWest Global's Vice-President, Finance and Chief Financial Officer noted "is significant, given the fact that TEN's revenue was affected by the Olympic Games appearing on a rival network.

"The projection for advertising demand is firm through the balance of the winter and into their early spring and summer seasons, as the Australian market continues to improve," he added.

Network TEN's program schedule also continued to perform well during fiscal 1997 with its evening newscast, in particular, showing audience share growth in most major markets. The programming outlook remains solid for fiscal 1998 as TEN has, in the past six months, renewed multi-year deals with Columbia Tristar and the VRC, has introduced a strong line-up of motor sport, and increased its commitment to Australian programs, especially drama.

Peter D. Viner, former Chief Executive Officer of Network TEN and the newly appointed President and CEO of CanWest Global Communications Corp., said "Network TEN has become a meaningful contributor to the Australian communications industry and economy, positioning itself as a strong competitor, particularly in younger demographics."

TEN's position will be reinforced by its recent move to a new state-of-the-art, $45 million network headquarters and studio complex in the Sydney. In addition, Network TEN has established a strong and innovative management and employee team, headed by John McAlpine, recently appointed Chief Executive Officer. Mr. McAlpine took over TEN's top management post on July 1, 1997 upon Mr. Viner's return to Canada.

CanWest Global Communications Corp. (NYSE - CWG and TSE - CGS.S and CGS.A) is a leading international television broadcaster. In Canada, the Company owns and operates the CanWest Global System, Canada's most profitable private sector broadcaster.

Internationally, the Company owns substantial economic interests in Australia's Network TEN and New Zealand's TV3 and TV4.

CONTACT: CanWest Global Communications Corp

Peter D. Viner, 204/956-2025

204/947-9841 (FAX)