CanWest Global Communications Corp. Issues $ C200 Million of Non-Voting Shares: Stock Listed on New York Stock Exchange

Business Wire, June 4, 1996

WINNIPEG, Manitoba--(BUSINESS WIRE)--June 4, 1996--CANWEST GLOBAL(TSE, WINNIPEG STOCK EXCHANGE: CWW TSE: CWW.A NYSE: CWG) Winnipeg broadcast company CanWest Global Communications Corp. announced today that it has filed a final prospectus providing for the sale of five million Non-Voting Shares at a price of U.S. $29 per share (approximately C$ 40 per share, totalling C$ 200 million). Of the shares being sold, three million will be a new issue by the Company and two million will be sold by the Company's parent, CanWest Communications Corporation.

The new shares were listed today for trading on the New York Stock Exchange. The Non-Voting Shares will also be traded on the Toronto Stock Exchange. One million of the offered shares are initially being offered to international investors outside Canada and the United States. The remaining four million shares are initially being offered in the U.S.

The new stock issue was led in the U.S. by Prudential Securities Incorporated, Nomura Securities International, Inc. and CS First Boston, and outside the U.S. by Nomura Securities International plc, Prudential-Bache Securities and CS First Boston. Nomura Securities International, Inc. is acting as global coordinator for the offering.

CanWest will file today articles amending its corporate charter to, among other things, create the new class of Non-Voting Shares being sold and authorize all classes of shares to be split on a three-for-one basis. This capital reorganization was approved at the Shareholders' Meeting on May 27, 1996. The date of the stock split will be July 15, 1996. CanWest will issue share certificates for the additional shares resulting from the stock split to each shareholder of record as of the close of business on July 15, 1996.

At a Listing Ceremonies breakfast at the New York Stock Exchange this morning, CanWest Chairman and Chief Executive Officer Israel Asper, O.C., Q.C., stated: "This event marks another major milestone in CanWest's journey toward international status as a television broadcaster. We welcome the many new investors outside Canada who have joined us today to share our vision of the future. We will do our utmost to justify their confidence and merit our new position on one of the world's most important stock exchanges."

CanWest will trade on the NYSE under the symbol "CWG". It will continue to trade on the TSE under the symbol CWW.S (for the Non- Voting Shares), and CWW.A (for the Subordinate Voting Shares) until July 8, 1996, when the TSE symbols will change to CGS.S and CGS.A respectively.

CanWest Executive Vice-President Tom Strike, C.A., and Chief Financial Officer John Maguire, C.A., along with Mr. Asper, visited numerous major financial centres throughout the United States and internationally over the past several weeks, presenting the new stock issue to several dozen institutional investors.

"We were more than pleased at the reception we received from media-wise investors," said Mr. Strike. "We look forward to our relationships with our new investors."

Mr. Maguire confirmed that the closing date of the stock sale is scheduled to take place in New York on Friday, June 7, 1996.

Counsel for CanWest in this international transaction were Tory Tory DesLauriers and Binnington of Toronto, Kaye, Scholer, Fierman, Hayes & Handler, LLP of New York, and Buchwald, Asper, Gallagher, Henteleff of Winnipeg.

This announcement is neither an offer nor a solicitation of an offer to buy these securities.

CanWest Global Communications Corp. is a multi-national television broadcaster. It owns and operates the CanWest Global System, Canada's largest privately-owned television group. It also maintains significant investment in the TEN Television Network in Australia and the TV3 Television Network in New Zealand.

CONTACT: CanWest Global Communications Corporation

I.H. Asper, 204/956-2025

204/947-9841 (fax)

or

CanWest Global Communications Corporation

T.C. Strike, 204/956-2025

204/947-9841 (fax)

or

CanWest Global Communications Corporation

J.E. Maguire, 204/956-2025

204/947-9841 (fax)