CanWest Global Communications Corp. (CanWest), incorporated in 1979, is an international media company with interests in broadcast television, newspapers, radio, specialty cable channels, outdoor advertising and online operations in Canada, Australia, New Zealand, Ireland and the United Kingdom. In addition, the Company has interests in film and television production and distribution. In October 2004, the Company announced a realignment of its operations under the CanWest MediaWorks corporate brand. CanWest MediaWorks encompasses all of Canadian business units, including newspapers, television and radio operations and Web-based interactive operations. CanWest MediaWorks International includes CanWest's investments in Network TEN in Australia, CanWest MediaWorks (NZ) and TV3 in Ireland. CanWest MediaWorks Publications Inc. also owns 21 other smaller daily, weekly and free community newspapers in the Lower Mainland of British Columbia and Vancouver Island. The Company's operating segments include television and radio broadcasting, publishing and online operations, and outdoor advertising. Television Broadcast The Company has four television broadcast segments: Canadian television segment, which includes its broadcast television networks in Canada, as well as specialty channels and two radio stations; New Zealand and Irish television segments cover its television operations in New Zealand and Ireland, and Australian television segment includes TEN Group Pty Limited (TEN Group), which owns and operates TEN Television Network (Network TEN). The Company generates the majority of its television broadcast revenues from the sale of advertising, with the remainder generated from subscriber revenues earned by its specialty channels and the sale of broadcast rights to its programming. Publishing and Online CanWest's publishing and online segment includes its Canadian newspaper operations, as well as its Internet operations, including the canada.com Web portal. The Company's publishing and online revenues are primarily earned from newspaper advertising and circulation revenues from its newspapers in Canada. The Company's newspaper and online advertising revenues are a function of the volume, or lineage, of advertising sold and the rates it charges. Circulation revenues are produced from home-delivery subscriptions for its newspapers and single-copy sales sold at retail outlets and vending machines, and are a function of the number of newspapers it sells and the average per copy prices it charges. Radio Broadcast The Company's radio broadcast segment consists of its radio operations in New Zealand, which earn substantially all of their revenues from advertising. Radio advertising revenues are a function of overall radio advertising demand and advertising rates. Radio advertising rates are determined based on the number and demographics of the Company's listeners. During the fiscal year ended August 31, 2005, the Company launched Radio Live network and announced the branding of Kiwi FM. Australian Outdoor Advertising CanWest's outdoor advertising segment consists of TEN Group's wholly owned subsidiary Eye Corp. Eye Corp. generates its revenue from the sale of out-of home advertising. Eye Corp.'s advertising revenues are a function of overall outdoor advertising demand and rates. Eye Corp.'s advertising rates are primarily a function of the number and demographics of the audience for Eye Corp.'s displays. In fiscal 2005, Eye Corp. acquired the remaining 50% of Eye Shop Pty Limited (formerly Eye Village Joint Venture).

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