(CANWEST GLOBAL COMMUNICATIONS CORP. LOGO)

                                  NEWS RELEASE

For Immediate Release
June 17, 2004

           CANWEST REFINANCES $911 MILLION OF SENIOR BANK FACILITIES

WINNIPEG: CanWest Global Communications Corp. today announced that its wholly
owned subsidiary, CanWest Media Inc., has successfully refinanced approximately
$911 million of its existing senior secured credit facilities. The refinancing,
in which Scotia Capital acted as Lead Arranger, involved refinancing of existing
term loans at current market terms and extension of maturity until August 2009.
As a result of these changes, the Company estimates that it will achieve an
annual interest saving of approximately $4.5 million. The Company's senior
lenders approved a number of additional amendments to the credit agreement
increasing the total leverage ratio covenant to 6.0 times through February 2006
and reducing the interest coverage ratio covenant to 1.75 times.

"This is another important step in the Company's ongoing program to reduce debt
financing costs and improve the Company's financial flexibility," stated John
Maguire, Chief Financial Officer. Over the past 36 months, the Company has sold
over $725 million of non-strategic assets with the proceeds applied to
permanently reduce bank debt. In 2003, the Company completed a number of
refinancings, which together contributed annual interest savings of
approximately $20 million.

CanWest President and Chief Executive Officer Leonard Asper noted that in
addition to improving cashflow by reducing interest costs, the covenant
amendments provide significant additional financial flexibility for the Company
going forward. "This transaction demonstrates the continued support of our
lending group and the confidence of the financial markets in CanWest," said
Asper.

This news release contains comments or forward-looking statements that are based
largely on the Company's current expectations and are subject to certain risks,
trends and uncertainties. These factors could cause actual future performance to
vary materially from current expectations. The Company may not update or revise
any forward-looking statements or comments, whether as a result of new
information, future events or otherwise.

CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.S and CGS.A,
www.canwestglobal.com) is an international media company. CanWest, Canada's
largest publisher of daily newspapers, owns, operates and/or holds substantial
interests in newspapers, conventional television, out-of-home advertising,
specialty cable channels, web sites and radio networks in Canada, New Zealand,
Australia, Ireland and the United Kingdom.

For further information, contact:
John Maguire                                 Geoffrey Elliot
Chief Financial Officer                      Vice President, Corporate Affairs
Ph:  (204) 956-2025                          Ph:  (204) 956-2025
jmaguire@canwest.com                         gelliot@canwest.com

SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    CANWEST GLOBAL COMMUNICATIONS CORP.



Date: June 18, 2004                 By:         /s/ JOHN E. MAGUIRE
                                    -------------------------------------
                                            John E. Maguire
                                            Chief Financial Officer