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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CANWEST MEDIA INC.
FIXED CHARGE RATIO IN
THOUSANDS OF CANADIAN DOLLARS
<Table>
<Caption>
THREE MONTHS
YEAR ENDED AUGUST 31, ENDED
--------------------- -------------
NOVEMBER 30,
1999 2000 2001 2002 2003 2003
---- ---- ---- ---- ---- ----
NET INCOME 130,325 176,273 97,682 97,910 187,606 97,656
Eliminate:
income taxes 40,679 41,757 (27,280) 47,610 39,130 21,809
financing expenses 42,580 59,813 268,843 255,006 248,478 55,377
interest component of rent expense 1,390 1,598 3,705 5,779 6,860 1,715
interest in earnings of equity accounted
affiliates (68,749) (74,480) (38,076) 13,338 (100,007) (38,730)
Add:
dividends from equity accounted
affiliates 60,001 76,729 72,146 60,984 33,378 --
-------- -------- -------- -------- -------- --------
INCOME BEFORE TAXES AND FIXED CHARGES 206,226 281,690 377,020 480,627 415,445 137,827
======== ======== ======== ======== ======== ========
FIXED CHARGES
Financing expense including amortization 42,580 59,813 250,943 255,006 248,478 55,377
Preferred dividend 76,140 106,084 91,631 21,907
Interest component of rent expense 1/3 1,390 1,598 3,705 5,779 6,860 1,715
-------- -------- -------- -------- -------- --------
TOTAL FIXED CHARGES 43,970 61,411 330,788 366,869 346,969 78,999
======== ======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 4.7 4.6 1.1 1.3 1.2 1.7
</Table>