Canadian media titan CanWest Global Communications and US investment bankers Goldman Sachs have agreed to buy Alliance Atlantis Communications for US$2 billion, they announced on Wednesday.
The Toronto-based owner of 13 Canadian specialty television channels and holder of the worldwide distribution rights to the hit television franchise CSI: Crime Scene Investigation outside the US had been in secret talks with CanWest and Goldman Sachs for months, the parties had said earlier on Wednesday.
But a deal was only announced by Alliance Atlantis's controlling shareholder Southhill Strategy at the close of North American markets. Southhill is owned by Alliance Atlantis executive chairman Michael MacMillan, and Seaton McLean.
CanWest Global and GS Capital Partners, a subsidiary of New York-based Goldman Sachs, agreed to buy all outstanding Alliance Atlantis shares for C$53 each (US$45.60) or C$2.3 billion.
CanWest president and chief executive Leonard Asper said he hoped the transaction would "enhance" his existing television empire "and expand its presence in the fast growing specialty television sector."
"The combined expertise of CanWest and Alliance Atlantis will enable us to produce even better Canadian content, promote it more effectively, and provide greater access to more viewers across more platforms," he said in a statement.
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