Exhibit 4.48



1103400 ALBERTA LTD.

AlbertaCo



CANWEST MEDIAWORKS (NZ) LIMITED

MediaWorks



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RADIOWORKS CONVERTIBLE NOTES

OPTION AGREEMENT



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LOGO





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|                |  |     
|--------------- |  | ----
|AGREEMENT dated |  | 2004



PARTIES



1103400 ALBERTA LTD. (AlbertaCo)



CANWEST MEDIAWORKS (NZ) LIMITED (MediaWorks)



INTRODUCTION



|A. | MediaWorks proposes to offer for sale to retail and institutional investors up to 30% of new MediaWorks Shares and to list the MediaWorks Shares on the NZSX.
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|B. | RadioWorks is a company incorporated in New Zealand and has a share capital comprised of 100 ordinary shares and has issued $96,364,000 convertible notes.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



|C. | CanWest International is the legal owner of all of the Convertible Notes. On 26 May 2004, CanWest International declared a distribution of the Convertible Notes to Global
Communications which is to be made in July 2004. Global Communications plans to contribute the Convertible Notes to AlbertaCo in July 2004. CanWest International has granted a security interest over the Convertible Notes pursuant to a security
agreement dated 7 November 2000 in favour of The Bank of Nova Scotia, as administrative agent, amongst others. CanWest International has also pledged the Convertible Notes pursuant to a securities pledge agreement dated 7 November 2000 in favour of
The Bank of Nova Scotia, as administrative agent, amongst others.
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|D. | AlbertaCo has agreed to grant MediaWorks an option to acquire all of the Convertible Notes on the terms contained in this agreement.
|-- | ------------------------------------------------------------------------------------------------------------------------------------



AGREEMENT



|1. | INTERPRETATION
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|1.1 | In this agreement, unless the context otherwise requires:
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Business Day means a day on which registered banks are open for business in Auckland, New Zealand and Winnipeg, Manitoba, Canada.



CanWest International means CanWest
International Communications Inc., a wholly-owned subsidiary of Global Communications.



Cash Component has the meaning set out in clause 3.1.



Completion means the exercise of the Option in accordance with section 4, or as the context may require, the point in time at which
such completion takes place.



Convertible
Notes means the $96,364,000 convertible notes issued by RadioWorks and currently held by CanWest International.



Exercise Date means the date specified in the notice delivered by MediaWorks to AlbertaCo pursuant to clause 4.1 as the date on which
MediaWorks intends to exercise the Option.



Exercise Price has the meaning set out in clause 3.1.





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Global Communications means Global Communications Limited, the holding company of
AlbertaCo.



GST means goods and services
tax chargeable, or to which a person may be liable, under the Goods and Services Tax Act 1985 (New Zealand), and any penalties, additional tax or interest payable in respect thereof.



MediaWorks Shares means the ordinary shares of
MediaWorks.



NZX Listing Rules means the
listing rules of New Zealand Exchange Limited.



Offering means the offer to retail and institutional investors of up to 30% of new MediaWorks Shares.



Option has the meaning set out at clause 2.1 of this agreement.



RadioWorks means CanWest RadioWorks Limited.



Tax Savings, in respect of a loss, liability, cost or
expense shall:



| | (a) | include, where the amount of a loss, liability, cost or expense incurred is wholly or partly deductible for income tax purposes, the amount of the deduction to which the relevant
person is entitled multiplied by the relevant taxation rate;
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| | (b) | in the case of a deduction referred to in (a) above, be treated as arising in the same tax year as the relevant loss, liability, cost or expense is incurred; and
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| | (c) | include the amount of any GST input tax credit available as a consequence of that loss, liability, cost or expense.
| | --- | -------------------------------------------------------------------------------------------------------------------



TVWorks Share Sale Agreement means the agreement between
CW Media Limited and CanWest International dated on or about the date of this agreement.



Warranties means the warranties created by clause 5.1 and set out in Schedule 1 and Warranty shall be construed accordingly.



Warranty Loss means a loss, liability, cost or expense
incurred by Party B (as defined in clause 5) (calculated after taking into account all relevant Tax Savings) as a result of a Warranty being untrue.



$ and Dollars means the lawful currency of New Zealand.



|1.2 | In this agreement, unless the context otherwise requires:
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| | (a) | words importing one gender include the other gender;
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| | (b) | the singular includes the plural and vice versa;
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| | (c) | references to a month or a year are references to a calendar month or year, as the case may be.
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|1.3 | In this agreement:
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| | (a) | a reference to AlbertaCo or MediaWorks is a reference also to their respective successors;
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| | (b) | a reference to a person includes an individual, firm, company, corporation, unincorporated body of persons, state or government or any agency thereof
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| | and other body or entity (in each case, whether or not having separate legal personality) and a reference to a company includes a person;
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| | (c) | headings are for convenience only and shall not affect interpretation;
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| | (d) | references to sections, clauses and schedules are references to sections, clauses and schedules of this agreement.
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|1.4 | The schedules to this agreement form part of this agreement and have the same force and effect as if expressly set out in the body of this agreement.
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|2. | OPTION GRANT
|-- | ------------



|2.1 | AlbertaCo grants MediaWorks an option to acquire, on or after 28 July 2004, all of the Convertible Notes together with all rights attaching thereto at the date of this agreement
(Option).
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|2.2 | The aggregate consideration for the Option shall be the sum of $1.00 which shall be paid by MediaWorks on the date of this Agreement.
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|3. | EXERCISE PRICE
|-- | --------------



|3.1 | The aggregate exercise price of the Option shall be:
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| | (a) | an amount of cash equal to the positive difference, if any, between the net proceeds of the Offering and $100,000,000 (Cash Component); and
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| | (b) | the issue and allotment by MediaWorks of 158,666,667 MediaWorks Shares,
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(together, the Exercise Price).



|3.2 | MediaWorks shall satisfy the Exercise Price by:
|--- | -----------------------------------------------



| | (a) | the payment of the Cash Component in full into the nominated bank account of AlbertaCo; and
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| | (b) | the issue and allotment by MediaWorks to AlbertaCo of 158,666,667 MediaWorks Shares.
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|4. | EXERCISE
|-- | --------



|4.1 | MediaWorks shall give AlbertaCo prior notice of its intention to exercise the Option in the form attached as Schedule 2.
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|4.2 | Completion shall take place on the Exercise Date at the Auckland office of Russell McVeagh or such other place as AlbertaCo and MediaWorks agree.
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|4.3 | On Completion, AlbertaCo shall deliver to MediaWorks the following:
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| | (a) | transfers of the Convertible Notes duly executed by AlbertaCo;
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| | (b) | the certificates or other documentation evidencing the Convertible Notes; and
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| | (c) | such other certificates or other documentation as MediaWorks may reasonably require.
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|4.4 | Upon compliance with each of the provisions of clause 4.3, MediaWorks shall forthwith comply with the provisions of clause 3.2 and execute the transfers of the Convertible
Notes.
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|5. | WARRANTIES AND UNDERTAKINGS
|-- | ---------------------------



|5.1 | In consideration of the other party entering into this agreement, each of AlbertaCo and MediaWorks hereby gives the Warranties and such Warranties shall also be deemed to be given
on Completion. For the purposes of this clause, the party giving the Warranties shall be Party A and the Warranties shall be given for the benefit of Party B.
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|5.2 | The Warranties shall be deemed to have been given subject to:
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| | (a) | any exception or qualification fairly disclosed in a formal disclosure letter given by or on behalf of Party A and received by Party B prior to execution of this agreement by Party
B, or expressly stated in this agreement; and
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| | (b) | any matter or thing hereafter done or omitted to be done pursuant to any other provision of this agreement or at the request in writing, or with the prior approval in writing, of
Party B.
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|5.3 | Subject to the limitations set out in this section 5, Party A shall indemnify Party B against each Warranty Loss.
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|5.4 | Party B acknowledges that the only relief available to it arising from any breach of a Warranty is the right to be indemnified by Party A under clause 5.3 (subject always to the
limitations set out in this section 5) and that the breach of any Warranty shall not give rise to any other or separate cause of action for damages or other relief from misrepresentations or breach of representation or warranty or otherwise.
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|5.5 | Party B has no claims against Party A in respect of the Warranties or any other obligations of Party A expressed or implied in this agreement:
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| | (a) | in respect of any matter recorded in a public register and capable of being searched by the public;
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| | (b) | if and to the extent that the relevant circumstance or amount has been or is made good, or recovered by or paid to Party B without cost, liability or loss to Party B;
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| | (c) | if and to the extent that the relevant event, circumstance, loss, liability, cost or expense to which the claim relates would not have arisen but for:
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| | (i) | any act or omission by Party B;
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| | (ii) | an obligation or commitment entered into or made after the Exercise Date; and
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| | (iii) | Party B admitting liability in respect thereof without the prior written consent of Party A;
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| | (d) | if and to the extent that such claim arises as a result of any legislation not in force at the date of this agreement which takes effect retrospectively or arises as a result only
of any increase in the rates of taxation in force at the date of this agreement; and
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| | (e) | if and to the extent that such claim arises as a result of a change after the date of this agreement in any law or interpretation of any law.
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|5.6 | The parties agree that:
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| | (a) | the maximum aggregate amount for which Party A shall be liable to Party B under or by virtue of this agreement on any account whatsoever (whether under or by virtue of the
Warranties or otherwise, including under statute or in tort) shall not exceed an amount that is 50% of the Exercise Price; and
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| | (b) | no claim for a breach of a Warranty will be valid unless the claim is notified in writing to Party A within six (6) months from the Exercise Date.
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|5.7 | To the maximum extent permitted by law:
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| | (a) | all implied or other representations or warranties of Party A in relation to the transactions evidenced by this agreement are hereby expressly excluded;
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| | (b) | any inquiry or determination by a Court into any of the following matters is precluded:
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| | (i) | whether a statement, promise, or undertaking was made or given, either in words or by conduct, in connection with or in the course of negotiations leading to the making of this
agreement; or
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| | (ii) | whether, if it was so made or given, it constituted a representation or a term of this agreement; or
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| | (iii) | whether, if it was a representation, it was relied upon;
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| | (c) | (without limiting the provisions of clauses 5.7(a) and 5.7(b)), Party B renounces any cause of action (if any) against Party A or any other person which, notwithstanding the
foregoing provisions of this clause 5.7, it may have founded on, and discharges Party A from any liability at common law (including, but not limited to, negligence) or under statute (including, but not limited to, the Fair Trading Act 1986 (New
Zealand) except to the extent prohibited by that Act) arising out of this agreement.
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|5.8 | AlbertaCo shall use all reasonable endeavours to procure that all liens, charges, encumbrances, security interests, rights or pre-emption or other adverse interest of any nature
over the Convertible Notes are discharged within five (5) Business Days following the Exercise Date.
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|6. | CONDITION OF EXERCISE AND LAPSE
|-- | -------------------------------



|6.1 | MediaWorks shall not exercise the Option until such time as CanWest International has distributed the Convertible Notes to Global Communications and Global Communications has
contributed the Convertible Notes to AlbertaCo.
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|6.2 | MediaWorks shall not exercise the Option until such time as completion has occurred under the TVWorks Share Sale Agreement.
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|6.3 | The Option will lapse, by written notice given by AlbertaCo, if it has not been exercised by 13 August 2004 or such later date as may be agreed by the parties. If this agreement is
so avoided it will be of no further force or effect and both parties shall be released from their obligations under this agreement.
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|7. | ANNOUNCEMENTS
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|7.1 | Except as may be required by law or by the NZX Listing Rules or the requirements of any other stock exchange or regulatory body to which a party is subject, neither of the parties
shall make any announcements or disclosures as to the subject matter or any of the terms of this agreement except in such form and manner, and at such time, as AlbertaCo and MediaWorks agree.
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|8. | NOTICES
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|8.1 | If either party wishes to give to or serve on the other party any notice, claim, demand or other communication (notice) under or in connection with this
agreement, the notice shall be sufficiently given or served (but without prejudice to any other mode of service) if addressed to that party and delivered to the address of that party stated below or in each case to such other address as that party
shall have notified to the other party for the purpose of this agreement by not less than five (5) Business Days written notice given in accordance with this clause.
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|            |  |                                  
|----------- |  | ---------------------------------
|AlbertaCo:  |  | 1103400 Alberta Ltd.             
|            |  | C/o Global Communications Limited
|            |  | 3100 TD Centre                   
|            |  | 201 Portage Avenue               
|            |  | Winnipeg, Manitoba R3B 3L7       
|            |  | Canada                           
|            | 
|Facsimile:  |  | +1 204 947 9841                  
|            | 
|Attention:  |  | General Counsel                  
|            | 
|MediaWorks: |  | CanWest MediaWorks (NZ) Limited  
|            |  | 3 Flower Street                  
|            |  | Eden Terrace                     
|            |  | Auckland                         
|            |  | New Zealand                      
|            | 
|Facsimile:  |  | +64 9 366 5999                   
|            | 
|Attention:  |  | Chief Executive Officer          



|9. | ASSIGNMENT
|-- | ----------



|9.1 | Neither party shall transfer or assign (whether by operation of law or otherwise) its interest in, or its rights and obligations under, this agreement.
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|10. | NO MERGER
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|10.1 | The obligations, warranties, undertakings, and indemnities undertaken or given under or pursuant to this agreement, to the extent not already fully performed at Completion, shall
not merge on Completion but shall remain enforceable to the fullest extent notwithstanding any rule of law to the contrary.
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|11. | NO WAIVER
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|11.1 | No waiver of any breach, or failure to enforce any provision, of this agreement at any time by any party shall in any way affect, limit or waive such partys right thereafter
to enforce and compel strict compliance with the provisions of this agreement.
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|12. | SEVERABILITY
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|12.1 | If any provision of this agreement shall be held to be illegal, invalid or unenforceable under any applicable law, then such contravention or invalidity or unenforceability shall
not invalidate or render unenforceable the entire agreement. Such provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable
then this agreement shall be construed as if not containing the provision held to be invalid, illegal or unenforceable, and the rights and obligations of the Parties shall be construed and enforced accordingly.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13. | AMENDMENTS
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|13.1 | Any amendments to this agreement shall be executed by each party in the same manner and with the same formality as this agreement is executed.
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|14. | ENTIRE AGREEMENT
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|14.1 | This agreement constitutes the entire agreement between the parties with respect to the matters dealt with in this agreement and there are no oral or written understandings,
representations or commitments of any kind, express or implied, not expressly set out in this agreement.
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|15. | CONFIDENTIALITY
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|15.1 | Each party shall at all times keep confidential, treat as privileged, and not directly or indirectly make or allow any disclosure or use to be made of, any provision of this
agreement or of any information relating to any provision, or the subject matter, of this agreement or of any information directly or indirectly obtained from the other party under or in connection with this agreement, except to the extent:
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| | (a) | required by law; or
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| | (b) | necessary to satisfy the requirements of any applicable stock exchange; or
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| | (c) | that the parties otherwise agree in writing; or
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| | (d) | necessary to obtain the benefit of, or to carry out obligations under, this agreement; or
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| | (e) | that the information is or becomes available in the public domain without breach by a party of its confidentiality obligations under this clause or at law.
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|16. | GOVERNING LAW
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|16.1 | This agreement shall be governed by, and construed in accordance with, the laws of New Zealand.
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|16.2 | The parties unconditionally and irrevocably submit to the non-exclusive jurisdiction of the courts of New Zealand in respect of all matters arising out of this agreement and waive
any right they may have to object to an action being brought in those courts, to claim that the action has been brought in an inconvenient forum, or to claim that those courts do not have jurisdiction.
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|17. | COUNTERPARTS
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|17.1 | This agreement may be executed in any number of counterparts (including facsimile copies) and, provided that every party has executed a counterpart, the counterparts together shall
constitute a binding and enforceable agreement between the parties.
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SIGNATURES



|                                                                                |  |  |  |                                  
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|1103400 ALBERTA LTD. by its authorised signatory in the presence of:            |  |  |  |                                  
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|                                                                                |  |  |  | Signature of authorised signatory
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|                                                                                |  |  |  | Name of authorised signatory     
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|Signature of witness                                                            |  |  |  |                                  
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|Occupation                                                                      |  |  |  |                                  
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|City/town of residence                                                          |  |  |  |                                  
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|CANWEST MEDIAWORKS (NZ) LIMITED by its authorised signatory in the presence of: |  |  |  |                                  
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|                                                                                |  |  |  | Signature of authorised signatory
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|                                                                                |  |  |  | Name of authorised signatory     
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|Signature of witness                                                            |  |  |  |                                  
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|Occupation                                                                      |  |  |  |                                  
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|City/town of residence                                                          |  |  |  |                                  



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SCHEDULE 1



(Clause 5.1)



WARRANTIES



The clauses in this schedule are the Warranties given pursuant to clause 5.1 of the agreement:



|1. | It has full power, authority and legal right to enter into this agreement and to observe and perform its obligations hereunder and has taken all necessary corporate and other action
to authorise the execution, delivery and performance of this agreement.
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|2. | This agreement constitutes its legal, valid and binding obligations enforceable against it in accordance with its terms, except as such enforceability may be limited by equitable
principles or by bankruptcy, moratorium, insolvency, reorganisation, liquidation or other laws relating to or affecting creditors rights.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | The execution and delivery of this agreement by it and the performance by it of its obligations under this agreement does not and will not exceed any power granted to it, or
constitute, or result in, a breach or violation of:
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| | (a) | any provision of any law or any rule or directive of any court or governmental or regulatory agency or authority to which it is subject; or
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| | (b) | its constitution.
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SCHEDULE 2



(Clause 4.1)



NOTICE OF INTENTION TO EXERCISE OPTION



|Date: | [                    ] 2004
|----- | ---------------------------



|Time: | [            ]
|----- | --------------



|To: | 1103400 Alberta Ltd.
|--- | --------------------

| | C/- Global Communications Limited
| | ---------------------------------

| | 3100 TD Centre
| | --------------

| | 201 Portage Avenue
| | ------------------

| | Winnipeg, Manitoba R3B 3L7
| | --------------------------

| | Canada
| | ------



RADIOWORKS CONVERTIBLE NOTES OPTION AGREEMENT DATED [24] JUNE 2004 (Agreement)



Defined terms used in this notice have the meanings given to them in the Agreement.



Pursuant to clause 4.1 of the Agreement, we hereby notify you of our intention to exercise the Option to acquire all of the RadioWorks
Convertible Notes on [    ] 2004 which shall be the Exercise Date for the purposes of the Agreement.



|                                 
|---------------------------------
|CANWEST MEDIAWORKS (NZ) LIMITED  
|                                 
|                                 
|Signature of authorised signatory
|                                 
|                                 
|Name of authorised signatory     



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