CRTC Approves Canwest Broadcast Plan

Canwest Global Communications Corp. ('Canwest') reports that the Canadian Radio-television and Telecommunications Commission (the 'CRTC') has issued a favourable decision in the matter of the purchase and sale transaction contemplated by the amended and restated consolidated plan of compromise, arrangement and reorganization (the 'Plan') of Canwest, Canwest Media Inc. ('CMI') and certain of CMI’s subsidiaries (collectively, the 'CMI Entities').

"...The CRTC’s approval of the change of control of Canwest’s broadcasting undertakings satisfies a key closing condition of the Plan and paves the way for implementation of the transactions contemplated by the Plan. Assuming satisfaction or waiver of any remaining conditions under the Plan, the CMI Entities, Shaw Communications Inc (“Shaw”) and the members of the ad hoc committee of holders of CMI’s 8% senior subordinated notes will move expeditiously to close the purchase and sale transaction and implement the Plan pursuant to the terms of previously announced agreements..."