Canwest Recapitalization Transaction Milestone Extended

Canwest Global Communications Corp. ("Canwest") announced today that its subsidiary, Canwest Media Inc. ("CMI"), has agreed with the members of the ad hoc committee of 8% senior subordinated noteholders of CMI pursuant to the terms of their Support Agreement to extend to October 22, 2009 the date by which CMI must enter into a definitive agreement with Canwest Limited Partnership in respect of the transfer of the business operated by the National Post.

More information about Canwest's restructuring can be found at www.canwest.com.

Forward Looking Statements:

This news release contains certain forward-looking statements about the objectives, strategies, financial conditions, results of operations and businesses of Canwest. Statements that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. These statements are based on our current expectations about our business and the markets in which we operate, and upon various estimates and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events if known or unknown risks, trends or uncertainties affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that the circumstances described in any forward-looking statement will materialize. Significant and reasonably foreseeable factors that could cause our results to differ materially from our current expectations are discussed in the section entitled "Risk Factors" contained in our Annual Information Form for the year ended August 31, 2008 dated November 24, 2008 filed by Canwest Global Communications Corp. with the Canadian securities commissions (available on SEDAR at www.sedar.com ), as updated in our most recent Management's Discussion and Analysis for the nine months ended May 31, 2009. Unless required by law, we disclaim any intention or obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.

About Canwest Global Communications Corp.

Canwest Global Communications Corp. (www.canwest.com) is Canada's largest media company. In addition to owning the Global Television Network, operating 18 industry-leading specialty channels and having ownership in 5 specialty channels, Canwest is Canada's largest publisher of English language paid daily newspapers and owns and operates more than 80 online properties.

SOURCE: Canwest Global Communications Corp.

Canwest Global Communications Corp. 
Media: 
John Douglas, 204-953-7737 
Senior Vice President, Public Affairs 
jdouglas@canwest.com 
or 
Investors: 
Hugh Harley, 204-953-7731 
Director, Investor Relations 
hharley@canwest.com

Related terms: business, canada, communications, law, media, online, partnership, publisher, restructuring, securities, television