Turkcom to Acquire Joy FM and Joy Turk FM

Turkcom to Acquire Joy FM and Joy Turk FM

WINNIPEG, Canada, February 7/PRNewswire/ --

- CanWest Has Option to Acquire 75% Interest in Each of Joy FM and Joy
Turk FM and will Provide Certain Advisory Services to the Turkish Radio
Stations

CanWest Global Communications Corp. today announced that subsidiaries of
its Turkish partner, Turkcom Iletisim Hizmetleri A.S. (Turkcom) have agreed
to acquire Joy FM and Joy Turk FM from The Turkish Savings and Deposit
Insurance Fund. The two radio stations serve Istanbul, Turkey's largest city
(population - 11.3 million). The aggregate purchase price for the two
stations will be US$5 million. Completion of the acquisitions are subject to
certain regulatory approvals.

A wholly-owned subsidiary of CanWest has entered into certain agreements
with Turkcom and its subsidiaries whereby, following completion of the
acquisitions, it will provide certain non-regulated operational, sales
representation and advisory services to Joy FM and Joy Turk FM on fee-for-
service bases. CanWest will not initially have an equity interest in either
of the stations, however its subsidiary will have options to acquire up to a
75% interest in each station, subject to a relaxation in current foreign
ownership restrictions and receipt of all necessary regulatory approvals.

Joy FM broadcasts a combination of English-language pop, rhythm and
blues, soft rock, jazz and Latin music, and appeals to young, upwardly mobile
urban dwellers in Istanbul. Joy Turk FM broadcasts a mix of traditional
Turkish music along with music that appeals to urban listeners in Istanbul as
well as to rural listeners in surrounding communities.

This announcement follows two earlier CanWest announcements and brings to
four - Super FM, Metro FM and now Joy FM and Joy Turk FM - the number of
radio stations in Turkey in which companies associated with CanWest and
Turkcom have been declared the highest bidders in the auction of the Star
Media group's assets.

"We are extremely delighted that Turkcom has again been the successful
bidder for two additional radio stations in the ongoing Star Media auction,"
said Tom Strike, President of CanWest MediaWorks International. "With two
national stations and now two additional stations in Istanbul, we and our
Turkish colleagues will be in a good position to develop an integrated
business strategy that will appeal to a wide variety of radio audience
demographics. We see this as an opportunity to build further upon our
international radio strategy that now includes new radio operations in Turkey
and the United Kingdom, as well as our well-established radio operations in
New Zealand and Canada."

Gregory M. Kiez, a director of Global Investment Holdings, and Mr. Fatih
Akol, both speaking on behalf of Turkcom, said "We are very pleased with the
outcome of the bids for Joy FM and Joy Turk FM. Together with our successful
bids for Super FM and Metro FM and our arrangements with CanWest, we are in
an excellent position to build upon the synergies between these four radio
stations."

Turkcom is a private Turkish investment company advised by Global Yatirim
Holdings A.S. (Global Investment Holdings).

CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.SV and CGS.NV),
(www.canwestglobal.com), 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, the United
Kingdom and Ireland.

Global Investment Holdings is a holding company publicly listed on the
Istanbul stock exchange (ISE: GLYHO)(www.globalyatirim.com) with operations
in the infrastructure, energy and finance sectors in Turkey, including a
wholly- owned finance unit, Global Menkul Degerler A.S. ("Global Securities")
(www.global.com.tr) which has been the leading independent brokerage and
corporate finance firm in Turkey since 1990.

Source: CanWest Global Communications Corp.

For further information: Geoffrey Elliot, Vice President, Corporate Affairs, CanWest Global Communications Corp., Tel: +1-(204)-956-2025, Fax: +1-(204)-947-9841, gelliot@canwest.com

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