WINNIPEG--(BUSINESS WIRE)--Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that a sale and investor solicitation process (the “SISP”) has been initiated with respect to the assets and operations of Canwest Limited Partnership / Canwest Societe en Commandite (“Canwest LP”), Canwest (Canada) Inc. and their subsidiaries Canwest Publishing Inc. / Publications Canwest Inc., National Post Inc. and Canwest Books Inc. (collectively the “LP Entities”).

RBC Capital Markets, financial advisor to the LP Entities, has begun solicitation of indications of interest from prospective strategic or financial parties.

Further to the Company’s January 8, 2010 news release regarding the commencement of proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), a notice of the commencement of the SISP (the “Notice”) will be published tomorrow in the National Post seeking expressions of interest in connection with a potential sale of all of the property, assets and businesses of, or equity investment in and recapitalization of, the LP Entities. The LP Entities contain some of Canada’s best known newspaper brands that dominate their markets including the National Post, The Vancouver Sun, Calgary Herald, Edmonton Journal, Ottawa Citizen and The Gazette. In addition to 34 newspapers, they also include a large and growing digital media business made up of approximately 50 websites including the canada.com and other online and mobile operations.

The Notice was issued pursuant to the terms of the initial order (the “Initial Order”) obtained by the LP Entities from the Ontario Superior Court of Justice (Commercial Division) (the “Court”). The full text of the Notice is set out below.

NOTICE IS HEREBY GIVEN that a sale and investor solicitation process is being conducted pursuant to an initial order dated January 8, 2010 granted by the Ontario Superior Court of Justice (Commercial Division) following the filing for creditor protection under the provisions of the Companies’ Creditors Arrangement Act.

RBC Capital Markets is soliciting expressions of interest from prospective strategic or financial parties to acquire all of the property, assets and business of the LP Entities or to invest in the LP Entities. Interested parties should contact Phil Porat of RBC Capital Markets at: (416) 842-8021.

The timing and procedures governing the sale and investor solicitation process, the terms of participation by prospective purchasers or prospective strategic or financial investors, and the criteria for the submission, evaluation and selection of bids are set out in the Initial Order. FTI Consulting Canada Inc., the Court-appointed monitor in the CCAA proceedings, will supervise the SISP in accordance with the terms of the Initial Order.

There can be no assurance that the SISP will lead to a transaction, or as to the terms of any such transaction.

Forward Looking Statements:

This news release contains certain 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, 2009 dated November 26, 2009 filed by Canwest Global Communications Corp. with the Canadian securities commissions (available on SEDAR at www.sedar.com). Unless required by law, 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.

About Canwest Global Communications Corp.

Canwest Global Communications Corp. (www.canwest.com) (TSX-V: CGS and CGS.A) is Canada’s largest media company. In addition to owning the Global Television Network, operating 18 industry-leading specialty channels and having ownership in 5 specialty channels, Canwest is Canada’s largest publisher of English-language paid daily newspapers and owns and operates more than 80 online properties.