Canwest Mediaworks (NZ) Receives Takeover Notice

Tuesday, 15 May 2007

Canwest Mediaworks (NZ) Receives Takeover Notice

CanWest MediaWorks (NZ) Limited has received a takeover notice from HT Media (a wholly owned subsidiary of Ironbridge Capital). As per NZX rules, a copy of the notice has been sent to the NZX and the Takeovers’ Panel. The document contains the terms of a conditional offer, under the New Zealand Takeovers Code, to purchase all of the shares in CanWest MediaWorks (NZ) Limited.

The board has appointed a committee of independent directors comprising David Jackson (Chair), Susan Sheldon and Craig Thompson to oversee all aspects of CanWest MediaWorks’ response to the offer. The board has also retained Grant Samuel to prepare an independent adviser’s report on the merits of the offer.

Board Committee Chair David Jackson commented: “The next step in this process is for HT Media to issue the takeover offer to shareholders and optionholders by 15 June. Within that same time frame our independent directors’ committee will make a recommendation to shareholders and optionholders in respect of the takeover offer, taking into account the independent adviser’s report.”

CanWest MediaWorks (NZ) Limited (NZX: MWL) (website: www.mediaworks.co.nz) is New Zealand’s leading private sector broadcast media company.

Through its wholly owned subsidiaries, CanWest TVWorks Limited and CanWest RadioWorks Limited, it owns and operates the TV3 and C4 television networks, national radio brands The Edge, The Rock, More FM, Kiwi FM, RadioLIVE, Radio Pacific/Radio Trackside, Solid Gold and The Breeze, plus several local radio stations. CanWest MediaWorks NZ Limited is a majority owned subsidiary of CanWest Global Communications Corp. (www.canwestglobal.com), (TSX: CGS and CGS.A, NYSE: CWG), an international media company and Canada’s largest media company.

CanWest is Canada’s largest publisher of daily newspapers and also owns, operates and/or holds substantial interests in conventional television, out-of-home advertising, specialty cable channels, web sites and radio stations and networks in Canada, New Zealand, Australia, Turkey, Singapore, Indonesia, Malaysia, the United Kingdom and the United States.

ENDS

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