CANWEST Global Communications Corp and investment bank Goldman Sachs & Co have teamed up to bid up to $C2.1 billion ($2.3 billion) for specialty television group Alliance Atlantis Communications Inc.
With bids for Toronto-based Alliance expected to land next week, CanWest and Goldman had formed a partnership that would see Winnipeg, Manitoba-based CanWest purchase Alliance’s 13 specialty television channels, the Globe and Mail newspaper said, citing unnamed banking and media sources.
CanWest, Canada’s biggest media company, was widely believed to be interested in Alliance and analysts said it would likely look at buying the company when Alliance went on the block late last month.
However, at least one analyst has suggested that CanWest may look at Alliance only if it can unload its Channel 10 tV assets in Australia.
CanWest said last month that it is exploring such a sale, though it has not announced a deal.
Analysts have also said that if the company was to exit Australia, it would also likely sell its smaller presence in New Zealand, where it has mostly radio holdings.