(CANWEST GLOBAL LOGO)


                                  NEWS RELEASE

For Immediate Release
October 23, 2006

              CANWEST MEDIAWORKS NZ REPORTS F2006 FINANCIAL RESULTS
                           Dividends up 33% from F2005

WINNIPEG: CanWest Global Communications Corp. announced today that its 70% owned
New Zealand media operation, CanWest MediaWorks (NZ) Limited, reported
consolidated earnings before interest, income tax, depreciation and amortization
(EBITDA) of NZ$66 million for the year ended August 31, 2006, slightly below the
NZ$67 million reported last year. Consolidated revenues increased by 2% for the
year to NZ$254 million.

Based upon these results, the company declared a fully-imputed final dividend of
NZ 3.9 cents per share, payable on November 24, 2006 to shareholders of record
on November 10, 2006. Combined with the NZ 4.5 cents per share interim dividend
paid in May 2006, the total annual dividend paid to shareholders for the year
will be NZ 8.4 cents, an increase of 33% from the NZ 6.3 cents paid for the
previous fiscal year. CanWest will receive aggregate dividends of NZ$13.3
million in respect of fiscal 2006.

For the fourth quarter of fiscal 2006, CanWest MediaWorks NZ reported
consolidated EBITDA of NZ$18 million, an increase of 6% from the NZ$17 million
reported for the same quarter one year ago. Consolidated revenues for the
quarter were down by 2% to NZ$64 million from NZ$65 million reported for the
fourth quarter of 2006.

Despite challenging advertising market conditions in New Zealand, fiscal 2006
proved to be a solid year for TVWorks. Revenues increased by 1% to NZ$144
million while EBITDA, at NZ$36 million, was down only slightly from NZ$37
million for the previous year. A solid line-up of locally produced series,
international hit programs and substantial growth in audiences for 3 News
increased TV3's audience share in its target 18-49 year old demographic as well
as with the older 24-54 demographic.

RadioWorks, also affected by the challenging ad market conditions, recorded a 3%
increase in revenues to NZ$111 million and EBITDA of NZ$33 million, which was
comparable to the previous year's result. Several important growth initiatives
were completed in fiscal 2006 with acquisition of radio stations in Queenstown
and Orewa, and extension of RadioWorks' top-rated brand - The Breeze - into
Auckland, New Zealand's largest metropolitan market.

Commenting on the results, CanWest MediaWorks NZ's Chair, Tom Strike, said he
was pleased with the company's performance in fiscal 2006. "The company took a
number of important strategic steps during the year in both television and radio
that improved the efficiency of operations, strengthened its position with
audiences, extended the reach of key radio brands, and helped to offset the
market softening that occurred, particularly in the second half of the fiscal
year. The company is well-positioned to profit from any improvement in overall
market conditions."



Brent Impey, CanWest MediaWorks NZ's CEO, noted "Consolidated revenues for the
year were above those of the previous year and consolidated EBITDA was very
close to last year's result." Looking ahead, Mr. Impey said "Although market
conditions remain uncertain, we are encouraged that the initiatives that we put
in place over the past year have strengthened our position with our radio and
television audiences. Our revenue forecast for the first quarter of the new
fiscal year is slightly ahead of the comparable period last year, which should
be an indication of better times ahead."

These financial results have been determined in accordance with New Zealand
Equivalents to International Financial Reporting Standards and will be subject
to foreign currency translation and adjustment to Canadian GAAP upon
consolidation with CanWest's other operations.

This news release contains certain comments or 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, 2005 dated November 28, 2005 filed by CanWest Global
Communications Corp. with the Canadian securities commissions (available on
SEDAR at www.sedar.com ) and with the U.S. Securities and Exchange Commission
under Form 40-F (available on EDGAR at www.sec.gov), as updated in our most
recent Management's Discussion and Analysis for the three months and nine months
ended May 31, 2006, dated July 6, 2006. 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.

CanWest MediaWorks (NZ) Limited (NZX: MWL, www.mediaworks.co.nz) is New
Zealand's leading private sector broadcast media company. Through its wholly
owned subsidiaries, CanWest TVWorks Limited and CanWest RadioWorks Limited, it
owns and operates the TV3 and C4 television networks, national radio brands The
Edge, The Rock, More FM, Kiwi FM, Radio Live, Radio Pacific/Radio Trackside,
Solid Gold and The Breeze, plus several local radio stations.

CanWest Global Communications Corp., (CanWest) (NYSE: CWG; TSX: CGS and CGS.A,
www.canwestglobal.com). CanWest, an international media company, is Canada's
largest media company. 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 stations and networks in Canada, New Zealand, Australia,
Singapore, Indonesia, Malaysia, Turkey, the United States and the United
Kingdom.


For further information contact:

Geoffrey Elliot
Vice President, Corporate Affairs
Tel: (204) 956-2025
Fax: (204) 947-9841
Email: gelliot@canwest.com