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Alliance to sell 51% in MPD LP
Friday October 20th 2006TORONTO (CP) _ In the wake of boardroom turmoil, TV and movie titan Alliance Atlantis Communications Inc. (TSX:AAC.B) is looking to sell its 51 per cent stake in Motion Picture Distribution LP. Meanwhile, Movie Distribution Income Fund (TSX:FLM.UN), which owns 49 per cent of MPD, said Friday it has formed a special committee of the fund and its subsidiary trust to consider the implications of Alliance Atlantis’s announcement.
"As previously disclosed, each of the fund and Alliance Atlantis require(s) approval of the other with respect to any sale of their indirect interests in MPD," the fund said in a release.
Alliance CEO Phyllis Yaffe said Alliance Atlantis conducted a review of its holding and "we have identified many opportunities for broadcasters and motion picture distributors in this environment of evolving delivery technologies."
Alliance said it has hired RBC Capital Markets (TSX:RY) and Bennett Jones LLP as its financial and legal advisers on the possible sale. In late September, Motion Picture Distribution secured a deal with movie-maker New Line Cinema Corp. by agreeing to have ousted former chairman Victor Loewy return to the company as a consultant, ending months of conflict.
The deal followed a public dispute with Loewy, in which Motion Picture tried to prevent him from establishing a competing Canadian distributor and lure away major distributors like New Line. Motion Picture also said it had reached a settlement with former CEO Patrice Theroux and general counsel Paul Laberge who were fired in July for what the company said was "cause." Loewy’s relationship with the company soured around that time.
His lawyers claimed he was dismissed, while Motion Picture Distribution was adamant he resigned.
Headline, Industry News
Alliance to sell 51% in MPD LP
Friday October 20th 2006TORONTO (CP) _ In the wake of boardroom turmoil, TV and movie titan Alliance Atlantis Communications Inc. (TSX:AAC.B) is looking to sell its 51 per cent stake in Motion Picture Distribution LP. Meanwhile, Movie Distribution Income Fund (TSX:FLM.UN), which owns 49 per cent of MPD, said Friday it has formed a special committee of the fund and its subsidiary trust to consider the implications of Alliance Atlantis’s announcement.
"As previously disclosed, each of the fund and Alliance Atlantis require(s) approval of the other with respect to any sale of their indirect interests in MPD," the fund said in a release.
Alliance CEO Phyllis Yaffe said Alliance Atlantis conducted a review of its holding and "we have identified many opportunities for broadcasters and motion picture distributors in this environment of evolving delivery technologies."
Alliance said it has hired RBC Capital Markets (TSX:RY) and Bennett Jones LLP as its financial and legal advisers on the possible sale. In late September, Motion Picture Distribution secured a deal with movie-maker New Line Cinema Corp. by agreeing to have ousted former chairman Victor Loewy return to the company as a consultant, ending months of conflict.
The deal followed a public dispute with Loewy, in which Motion Picture tried to prevent him from establishing a competing Canadian distributor and lure away major distributors like New Line. Motion Picture also said it had reached a settlement with former CEO Patrice Theroux and general counsel Paul Laberge who were fired in July for what the company said was "cause." Loewy’s relationship with the company soured around that time.
His lawyers claimed he was dismissed, while Motion Picture Distribution was adamant he resigned.
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Headline, Industry News
Alliance to sell 51% in MPD LP
Friday October 20th 2006TORONTO (CP) _ In the wake of boardroom turmoil, TV and movie titan Alliance Atlantis Communications Inc. (TSX:AAC.B) is looking to sell its 51 per cent stake in Motion Picture Distribution LP. Meanwhile, Movie Distribution Income Fund (TSX:FLM.UN), which owns 49 per cent of MPD, said Friday it has formed a special committee of the fund and its subsidiary trust to consider the implications of Alliance Atlantis’s announcement.
"As previously disclosed, each of the fund and Alliance Atlantis require(s) approval of the other with respect to any sale of their indirect interests in MPD," the fund said in a release.
Alliance CEO Phyllis Yaffe said Alliance Atlantis conducted a review of its holding and "we have identified many opportunities for broadcasters and motion picture distributors in this environment of evolving delivery technologies."
Alliance said it has hired RBC Capital Markets (TSX:RY) and Bennett Jones LLP as its financial and legal advisers on the possible sale. In late September, Motion Picture Distribution secured a deal with movie-maker New Line Cinema Corp. by agreeing to have ousted former chairman Victor Loewy return to the company as a consultant, ending months of conflict.
The deal followed a public dispute with Loewy, in which Motion Picture tried to prevent him from establishing a competing Canadian distributor and lure away major distributors like New Line. Motion Picture also said it had reached a settlement with former CEO Patrice Theroux and general counsel Paul Laberge who were fired in July for what the company said was "cause." Loewy’s relationship with the company soured around that time.
His lawyers claimed he was dismissed, while Motion Picture Distribution was adamant he resigned.
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