AAC to pour millions into digi-channels

Alliance Atlantis is looking to boost its TV operations by raising over $US100m in capital through a proposed public offering of eight million Class B non-voting shares.

The fully-subscribed share offering would round up approximately US$106m based on the July 19 closing price of US$13.30 on the American NASDAQ exchange.

A statement issued by Alliance Atlantis noted that the net proceeds of the offering will be used to repay indebtedness under the company's credit facility, freeing up funds for general corporate purposes, including the launch its seven new digital speciality TV channels, scheduled for autumn 2001.

The new digi-channels include: Showcase Diva, Showcase Action, Independent Film Channel Canada (subject to CRTC approval of AAC's acquisition of Salter Street Films), Discovery Health Channel, National Geographic Channel, BBC Canada, BBC Kids; and four speciality channels in which the company has minority interests: Scream, The Score, Pride Vision and One: the Body, Mind and Spirit Channel.