CanWest ups Alliance Atlantis coin

Co. formed partnership with Goldman Sachs

By TAMSEN TILLSON

TORONTO -- CanWest Global Communications has increased the amount of cash it is contributing to the C$2.3 billion ($1.98 billion) pur-chase of Alliance Atlantis Communications from $114 million to $172 million.

CanWest has formed a complicated partnership with U.S. financier Goldman Sachs to purchase the Toronto-based media company, whose assets include a broadcasting division, half of the "CSI" franchise and a controlling stake in a motion picture distribution income trust.

CanWest only has eyes for AAC's broadcasting assets, and its higher cash contribution increases its equity contribution to that subsidiary, estimated by some analysts to be worth $1.5 billion, from about 17% to 29%. The remainder of the financing will come from debt. The deal must receive regulatory approval.

"This is consistent with our commitment to enhance our television business," said CanWest prexy and CEO Leonard Asper.