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Category Investors Date 2/7/2007 |
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CanWest MediaWorks Income Fund Establishes Special Committee
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(TORONTO) – In response to recent media reports, CanWest MediaWorks Income Fund confirmed today that, at the request of CanWest MediaWorks Inc., its principal security holder, and in light of the proposed income trust tax legislative changes announced on October 31, 2006, it has established a special committee of independent trustees to consider any proposal from CanWest MediaWorks Inc. in respect of a possible going private or similar transaction. The special committee has retained Stikeman Elliott LLP as its legal advisors and CIBC World Markets Inc. as its financial advisors. Any such transaction would require the approval of the Fund's principal security holder. There can be no assurance that any such proposal or transaction will be put forward for unit holders to consider or, if such a proposal or transaction is put forward, as to the value or timing thereof.
About CanWest MediaWorks Income Fund
CanWest MediaWorks Income Fund (TSX: CWM.UN; www.cwmincomefund.com) is an unincorporated, open-ended trust that holds an approximate 26% equity interest in CanWest MediaWorks Limited Partnership, which is the largest publisher of newspapers in Canada, as measured by paid circulation, readership and revenue.
The assets within the Limited Partnership comprise ten major metropolitan daily newspapers serving nine Canadian cities; Vancouver Sun, The Province (Vancouver), Ottawa Citizen, The Gazette (Montreal), The Edmonton Journal, Calgary Herald, The Windsor Star, Times-Colonist (Victoria), Leader Post (Regina), Star Phoenix (Saskatoon), and a one-third interest in Metro Ottawa and Metro Vancouver, free commuter dailies, together with 23 smaller community daily, weekly and bi-weekly publications. The assets also include online properties canada.com, dose.ca, working.com, driving.ca and related websites.
CanWest MediaWorks Limited Partnership is 74% owned by CanWest MediaWorks Inc., a wholly owned subsidiary of CanWest Global Communications Corp. (www.canwestglobal.com), an international media company listed on the TSX (trading symbols: CGS and CGS.A) and NYSE (trading symbol: CWG), and Canada’s largest media company. CanWest is Canada’s largest publisher of daily newspapers, and owns, operates and/or holds substantial interests in free-to-air and subscription-based television networks, out-of-home advertising, web sites, and radio stations and networks in Canada, New Zealand, Australia, Malaysia, Singapore, Indonesia, Turkey, the United States and the United Kingdom.
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For further information, please contact:
Doug Lamb Executive Vice President and Chief Financial Officer
CanWest MediaWorks Inc.
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