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Postmedia Network Canada Corp. Completes Acquisition of Canwest Publishing Print and Online Assets

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Postmedia Network Canada Corp. completes acquisition of Canwest Publishing print and online assets July 13, 2010 (TORONTO), – Postmedia Network Canada Corp. ("Postmedia Network" or the “Company”) today announced the completion of a transaction making it Canada’s largest publisher of paid English language daily newspapers along with a stable of community-based publications and online assets. The newest player on the Canadian media stage is led by a strong group of seasoned industry executives dedicated to taking strong legacy brands into the future. “Traditional media have evolved in such exciting ways since I first came to the industry 26 years ago,” said Paul Godfrey President and Chief Executive Officer, Postmedia Network. “Our brands reach more people across more platforms than ever possible and the future of our digital growth areas holds tremendous potential.” Postmedia Network intends to apply for the listing of its shares on the Toronto Stock Exchange (“TSX”) although, at this time, application has not yet been made and no assurances can be given that the TSX will accept any such application. Listing of the shares on the TSX will be subject to meeting TSX's original listing requirements. Postmedia Network Inc., the principal operating subsidiary of the Company, secured approximately US$935 million in the aggregate of committed financing consisting of senior funded debt of approximately US$685 million which will be secured by all the assets of the Company and its subsidiaries, and CAN$250 million in equity which will be used to purchase substantially all of the financial and operating assets of Canwest Publishing Inc. / Publications Canwest Inc., Canwest Limited Partnership / Canwest Societe en Commandite, Canwest (Canada) Inc. and Canwest Books Inc. (collectively “Canwest Publishing”) including all shares of National Post Inc., as contemplated by the plan of compromise submitted by Canwest Publishing under the Companies’ Creditors Arrangement Act (Canada) (the “Canwest Plan”). The debt financing will be comprised of a US$300 million and CAN$110 million senior term loan facility and a US$275 million high yield bond issuance. In addition to cash on hand, Postmedia Network Inc. has arranged a CAN $60 million asset-backed revolving line of credit for general corporate purposes. Moelis & Company acted as financial advisor to Postmedia Network in the acquisition. “It has been a long journey to get to this day and now we begin the work of transforming from a traditional media company to a fully integrated multi-media company with a new brand, a refocused strategy and a determination to be at the forefront of industry change,” said Mr. Godfrey. The acquisition of the operating assets of Canwest Publishing Inc. by Postmedia Network was effectuated by the implementation of the Canwest Plan on July 13, 2010. In May, Canwest Publishing, the Court-appointed Monitor of Canwest Publishing, and subsequently the Ontario Superior Court of Justice (Commercial List) (the “Court”) approved a bid to acquire substantially all of the assets and business operations of the LP Entities and the shares of National Post Inc. by an entity sponsored by the members of an ad hoc committee of 9.25% senior subordinated noteholders of the Limited Partnership (the “AHC”) for an effective purchase price of approximately $1.1 billion. On June 14, 2010, the unsecured creditors of Canwest Publishing overwhelmingly voted to approve the Canwest Plan, which was based on the AHC bid. Four days later the Court issued a Sanction and Vesting Order approving the Canwest Plan. Today’s acquisition by Postmedia followed the implementation of the Canwest Plan which included among other things: • a total equity commitment by AHC of $250 million for shares in Postmedia Network; • affected creditors of Canwest Publishing with proven claims against the LP Entities receiving 13 million shares of Postmedia Network on a pro rata basis ; and • affected creditors of Canwest Publishing with claims of less than $1,000 receiving cash payments for the full value of their proven claims. About Postmedia Network Reaching millions of Canadians every week through its daily newspapers, weekly community newspapers, magazines and online properties, Postmedia Network engages readers and offers advertisers and marketers unlimited opportunities to reach their target audiences in unique and integrated ways. – 30 – For more information contact: Phyllise Gelfand Director of Communications 416 442-2936 [email protected] .
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