[CANWEST LOGO]

NEWS RELEASE

For immediate release
January 11, 2005

CANWEST REPORTS 16% INCREASE IN FIRST QUARTER EBITDA (1)
All continuing operations contribute to year-over-year improvement

WINNIPEG, CanWest Global Communications Corp. today reported financial results
for the three months ended November 30, 2004, the first quarter of its 2005
fiscal year. The Company's consolidated revenues for the quarter increased by 9%
to $873 million compared to consolidated revenues of $801 million for the same
period in the prior year. Consolidated earnings before interest, taxes,
depreciation and amortization (EBITDA) (1) for the quarter ended November 30,
2004 were $290 million, a 16% increase from consolidated EBITDA of $250 million
for the same period in 2003.

Consolidated net earnings were $35 million or $0.20 per share for the quarter
compared to consolidated net earnings of $81 million, or $0.46 per share, for
the first quarter of fiscal 2004. Net earnings in the quarter were negatively
impacted by non-cash charges related to the successful refinancing of the
Company's 12-1/8% Fixed Rate Subordinated Debentures and losses on certain cross
currency swaps. Excluding these charges, earnings after tax would have been
approximately $100 million.

Commencing in the current fiscal year, and consistent with new accounting
requirements, the Company has consolidated the results of The TEN Group pty
Limited, which include the operations of the TEN Television Network and Eye
Corp. The Company had previously used the equity method to account for its
interest in TEN Group. Consolidation of TEN Group significantly increases the
Company's reported revenues, expenses, assets and liabilities. There is no
impact on the Company's shareholders' equity or net earnings in either the
current or prior years. The Company has adopted the new accounting rule on a
retrospective basis, and has restated prior periods, providing a comparable
basis for comparison of current results with the prior year.

SEGMENTED RESULTS FOR THE QUARTER

Revenues for the Company's newspaper and online operations for the quarter were
$326 million, 3% higher than the $315 million recorded in the first quarter of
fiscal 2004. Newspaper and online EBITDA for the quarter increased by 3% to $85
million, up from $83 million for the same period last year. Run of press
revenues account for much of the revenue increase with substantial growth in ad
spending by the financial services and automotive sectors, offsetting some
weakness in retail advertising. Classified advertising also registered
significant year-over-year growth, attributable to a strong real estate market.
Newspaper circulation revenue was flat with last year on reduced volumes.
Newsprint costs, a major component of total operating costs were down
approximately 5% versus last year.

TEN Television Network's EBITDA was $120 million for the quarter, up 30% from
last year, on 16% growth in quarterly revenues to $247 million. The TEN
Television Network retained its

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(1) EBITDA is defined as earnings before interest, income taxes, depreciation,
amortization, investment gains and losses, loss on debt extinguishment,
minority interests, interest in earnings of other equity accounted
affiliates, realized currency translation adjustments and loss from
discontinued operations. This supplementary earnings measure does not have
a standardized meaning prescribed by Canadian generally accepted
accounting principles and may not be comparable to similar measures
presented by other companies nor should it be viewed as an alternative to
net earnings.

ratings leadership in the 16-39 demographic and its second place position for
the older 25-54 demographic and for all viewers. Eye Corp, TEN's out-of-home
advertising operation, also recorded excellent year-over-year revenue and EBITDA
growth, with EBITDA increasing by 78% to $8 million on a 47% growth in revenues
to $29 million for the quarter. The growth at Eye Corp was, in part,
attributable to the acquisition in 2004 of the 50% of Eye Shop not already owned
by Eye Corp.

CanWest's New Zealand broadcasting operation, CanWest MediaWorks (NZ) Limited,
booked impressive revenue and EBITDA growth in the first quarter of fiscal 2005.
Revenues at TVWorks were up 18%, to $36 million, generating a 49% gain in EBITDA
to $15 million for the quarter. RadioWorks registered an 11% increase in
revenues to $24 million for the quarter, with EBITDA also up by 11% to $8
million.

TV3 Ireland also had a strong quarter, with EBITDA increasing by 33% to $5
million for the quarter and revenues increasing by 15% to $11 million.

First quarter revenues for the Company's Canadian broadcasting operations
registered a year-over-year increase of 5% to $200 million, reversing the
declines experienced in the previous fiscal year. EBITDA of $55 million remained
essentially flat to last year's result, mainly due to increased investment in
programming for conventional television. Revenues for conventional television
continue to be affected by the strong ratings and increased market share of our
main competitor. New program acquisitions, including reality shows Sports
Illustrated Swimsuit Model Search, The Contender and a new crime drama series
Jonny Zero should contribute to positive ratings in the coming months, together
with returning favourites Apprentice 3, Survivor, Super Bowl, Simpsons, Vegas,
Malcolm in the Middle and the series finale of NYPD Blue.

HIGHLIGHTS OF THE FIRST QUARTER INCLUDE THE FOLLOWING:

o In November, the Company successfully completed an exchange offer for the
Hollinger Participation Trust Notes. Through the exchange, the Company
refinanced its most expensive debt, the 12-1/8% Fixed Rate Subordinated
Debentures due 2010, which had an aggregate outstanding principal amount
together with accrued interest of $904 million with 8% Senior Subordinated
Notes due 2012, with a face value of $908 million (US$761 million). CanWest
has fixed the Canadian-dollar equivalent of the entire principal amount of
the new notes through hedging arrangements. It is estimated that the annual
cash interest savings from the transaction will be approximately $40
million.

Notwithstanding the $908 million (US$761 million) face value of the new
notes, accounting rules require that the debt issued in the exchange offer
be valued at fair value as determined by reference to the market value of
the new notes. As part of the transaction, the Company issued for cash
US$130 million of new notes priced at a premium of 104%. Valuation of all
of the new notes on this basis increases the accounting value of the notes
by $36 million. This premium will be amortized to income over the life of
the debt, effectively, further reducing the annual financing expense from
the 8% coupon to approximately 7.30%. The excess of the accounting value of
the new notes together with costs of settling the debt over the carrying
value of the old debt of approximately $44 million has been charged to
income as a loss on extinguishment of the 12-1/8% Fixed Rate Subordinated
Debentures.

o In 2004 the Company entered into agreements with Mirkaei Tikshoret Ltd.
(MTL) for their joint acquisition of the shares of Palestine Post Limited
("PPL") and of companies operating or owning, or all of the assets
comprising, The Jerusalem Post, The Jerusalem Report and their respective
publications, internal web sites and online properties.

As previously announced by the Company, MTL acquired the shares of PPL from
Hollinger International Inc. on December 16th, 2004. The subsequent
contemplated transactions between the Company and MTL have not yet closed,
as the Company has experienced delays in implementing its agreements with
MTL. The Company will provide a further update in due course.

o On November 26, the CRTC awarded the Company's wholly owned subsidiary,
Global Communications Ltd., a licence to launch a new FM radio station in
Halifax, Nova Scotia. The new station, with a contemporary easy-listening
format, is expected to go on-air in mid 2005, and will join Winnipeg's
CoolFM, which went on-air in February 2002, and Kitchener's The Beat, which
followed in January 2004, as the Company's third Canadian radio station.

Commenting on first quarter results, Leonard Asper, CanWest's President and
Chief Executive Officer, said, "The Company performed well in the first quarter,
and we are pleased with overall EBITDA growth of 16%. Our international
operations continue to score outstanding results with year-over-year EBITDA
growth of 32% at the TEN Group in Australia, 49% in New Zealand television and
33% in TV3 Ireland. In Canada, a stronger advertising market in the first
quarter helped to stabilize results from Canadian television, but we still have
work to do to restore Global Television to its traditional leadership position
in Canadian audience ratings. The conventional TV model is stronger than it was
throughout last year. The underlying strength of our newspapers was demonstrated
by their continued steady 3% growth in EBITDA for the quarter compared to the
same period last year, in the face of an overall newspaper industry decline in
ad spending. At the corporate level, I am particularly pleased that we were able
to significantly strengthen the Company's balance sheet with the refinancing of
the Hollinger PIK notes, which represented the most expensive component of the
Company's corporate debt. It is unfortunate that the accounting results do not
reflect the economic realities of this very successful transaction, which will
save the Company an estimated $40 million annually in cash interest expense.

This news release contains certain comments or forward-looking statements that
are based largely upon 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's financial statements are available on the Company's website:
www.canwestglobal.com.

CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.SV and CGS.NV,
www.canwestglobal.com), an international media company. CanWest is Canada's
largest media company. In addition to owning the Global Television Network,
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 networks
in Canada, New Zealand, Australia and Ireland.

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For further information contact:

Geoffrey Elliot John Maguire
Vice President, Corporate Affairs Chief Financial Officer
Tel: (204) 956-2025 Tel: (204) 956-2025
Fax: (204) 947-9841 Fax: (204) 947-9841
gelliot@canwest.com jmaguire@canwest.com

CANWEST GLOBAL COMMUNICATIONS CORP.
BUSINESS SEGMENT INFORMATION
(UNAUDITED)
(IN THOUSANDS OF CANADIAN DOLLARS)

FOR THE THREE MONTHS ENDED
NOVEMBER 30,
-------------------------------
2004 2003

REVENUE
TELEVISION
Canada ................................................. 200,281 191,252
Australia - Network TEN ................................ 246,851 212,960
New Zealand - 3 and C4 ................................. 35,751 30,381
Ireland - TV3 .......................................... 11,321 9,860
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494,204 444,453

RADIO - NEW ZEALAND .................................... 23,763 21,358

PUBLICATIONS AND ONLINE - CANADA ....................... 325,759 315,101

OUTDOOR - AUSTRALIA .................................... 28,904 19,692
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CONSOLIDATED REVENUE ................................... 872,630 800,604
=========== ============

OPERATING PROFIT
TELEVISION
Canada ................................................. 55,492 56,170
Australia - Network TEN ................................ 120,192 92,350
New Zealand - 3 and C4 ................................. 14,677 9,861
Ireland - TV3 .......................................... 4,970 3,724
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195,331 162,105

RADIO - NEW ZEALAND .................................... 7,885 7,087

PUBLICATIONS AND ONLINE - CANADA ....................... 85,370 83,153

OUTDOOR - AUSTRALIA .................................... 7,793 4,367

Corporate and other .................................... (6,774) (6,313)
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CONSOLIDATED SEGMENT OPERATING PROFIT (EBITDA) (1) ..... 289,605 250,399
=========== ============

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CANWEST GLOBAL COMMUNICATIONS CORP.
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(IN THOUSANDS OF CANADIAN DOLLARS EXCEPT AS OTHERWISE NOTED)

FOR THE THREE MONTHS ENDED
NOVEMBER 30,
-------------------------------
2004 2003

Revenue ................................................ 872,630 800,604
Operating expenses ..................................... 409,924 386,324
Selling, general and administrative expenses ........... 173,101 163,881
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289,605 250,399
Amortization of intangibles ............................ 4,939 4,538
Amortization of property, plant and equipment .......... 21,680 22,572
Other amortization ..................................... 1,179 1,305
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Operating income ....................................... 261,807 221,984
Interest expense ....................................... (73,208) (87,281)
Interest income ........................................ 646 4,700
Amortization of deferred financing costs ............... (2,201) (2,118)
Interest rate and foreign currency swap gains (losses) . (44,598) 1,320
Foreign exchange gains ................................. 10,496 4,690
Investment gains and losses ............................ 1,635 249
Loss on debt extinguishment ............................ (43,992) --
Dividend income ........................................ -- 1,415
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110,585 144,959
Provision for income taxes ............................. 37,183 30,450
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Earnings before the following .......................... 73,402 114,509
Minority interest ...................................... (38,407) (31,254)
Interest in loss of other equity accounted
affiliates ........................................... 451 (163)
Realized currency translation adjustments .............. -- 500
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Net earnings from continuing operations ................ 35,446 83,592
Loss from discontinued operations ...................... (31) (2,096)
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Net earnings for the period ............................ 35,415 81,496
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Earnings per share from continuing operations:
Basic ............................................ $0.20 $0.47
Diluted .......................................... $0.20 $0.47

Earnings per share:
Basic ............................................ $0.20 $0.46
Diluted .......................................... $0.20 $0.46