Canwest and Lenders Extend Discussions Relating to Senior Credit Facility

WINNIPEG--(Business Wire)--
Canwest Global Communications Corp. ("Canwest" or the "Company") announced today
that its subsidiary, Canwest Media Inc. ("CMI") and its senior lenders have
agreed to extend the waiver of certain borrowing conditions until April 21,
2009.

During the two week period, senior lenders have agreed to provide additional
access to credit availability. Based on current cash flow projections, the
Company believes that it will have sufficient liquidity to continue to operate
normally through the period.

CMI continues to discuss with its senior lenders the terms under which the
waiver might be extended for a longer period to allow CMI to pursue a
recapitalization transaction.

As previously announced, CMI did not make its March 15, 2009 interest payment of
approximatelyUS$30.4 million relating to its outstanding 8% senior subordinated
notes. Under the terms of the notes, failure to make this interest payment on or
before April 14, 2009 would permit the 8% noteholders to demand payment of the
approximately US$761 million principal amount outstanding as well as the missed
interest payment and associated default interest.

Parallel to its discussions with its senior lenders, CMI is in continuing
discussions with representatives of an ad hoc committee of 8% noteholders, which
represents a significant majority amount of the aggregate principal amount of 8%
notes with respect to the terms of a forbearance agreement and the framework for
a potential recapitalization transaction.

Further extensions of time and credit availability from CMI`s senior lenders in
conjunction with the forbearance agreement would provide CMI the opportunity to
pursue a recapitalization transaction.

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 atwww.sedar.com ), as updated in our most recent Management's Discussion
and Analysis for the three months ended November 30, 2008. 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), (TSX: CGS and CGS.A,) an
international media company, is Canada`s largest media company. In addition to
owning the Global Television Network, Canwest is Canada`s largest publisher of
English language daily newspapers and 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, Indonesia, Singapore, the United Kingdom and the United
States.

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

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