After weeks of speculation, it’s official: Alliance Atlantis Communications Inc. confirmed on January 10 that it accepted a $2.3-billion takeover offer from CanWest Global Communications Corp. Nearly every big-name media empire in Canada had been bandied about as a potential suitor for Alliance Atlantis at one time or another, including Corus Entertainment Inc., Astral Media Inc., Rogers Communications Inc., and Quebecor Inc.

In order to tender its $53-a-share offer for the firm, CanWest Global enlisted the aid of GS Capital Partners, the private equity wing of New York-based investment banking giant Goldman Sachs & Co. In order to avoid falling afoul of restrictions on foreign ownership of Canadian media, it appears CanWest Global will keep Alliance Atlantis’ specialty channels, while GS Capital Partners will take control of – and ultimately dispose of – the Canadian firm’s stake in the hit CSI franchise as well as its ownership position in Motion Picture Distribution LP, a related entity. The private equity firm could also try to interest Canadian institutional investors in taking a stake.

The proposed deal still needs regulatory approval, but already opponents are lining up: on January 11, the Communications, Energy and Paperworkers Union of Canada (CEP) and the Canadian Media Guild announced they plan to fight the purchase.