More from Jenn Kuzmyk at C21 on the AAC aquisition...
The worst kept secret in the Canadian entertainment industry has been confirmed as Winnipeg media conglom CanWest Global officially acquires Alliance Atlantis as part of a C$2.3bn (US$1.95bn) takeover that will also see CBS pick up international distribution rights to the CSI franchise. The C$53-per-share deal, which is subject to shareholder approval and that of Canada's media regulator, the CRTC, was carried out by CanWest in partnership with New York-based investment bank Goldman Sachs.
The deal is expected to be completed by summer 2007 through a new subsidiary company owned by CanWest. Upon receipt of CRTC approval, Alliance Atlantis's speciality television business and CanWest's Canadian television operations will be managed on an integrated basis by CanWest, with a formal combination of the broadcast businesses slated to take place in 2011. The deal includes AAC's 13 speciality channels such as HGTV, Showcase and The History Channel, as well as its stake alongside CBS in the CSI crime drama franchise and a 51% interest in Canadian movie distribution outfit Motion Picture Distribution.
My brain hurts.