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Thursday, November 09, 2006

Movie Distribution trust considers cashing out of distribution ...

TORONTO (CP) - Movie Distribution Income Fund (TSX:FLM.UN) is joining Alliance Atlantis Communications Inc. (TSX:AAC.B) in putting their Motion Picture Distribution Limited Partnership up for sale. On Wednesday the partnership also reported a summer-quarter profit of $16.5 million, up from $14.5 million in the year-ago period, as revenue edged up to $123 million from $122.4 million. Alliance Atlantis, a specialty broadcaster whose marquee property is the "CSI" TV-series franchise, said Oct. 20 it wanted to sell its 51 per cent stake in Motion Picture Distribution LP, a leading movie distributor in Canada with other operations in Britain and Spain. The Movie Distribution Income Fund, holding the other 49 per cent, said Wednesday it has "determined to participate with Alliance Atlantis" in "a process that may result in a sale of some or all of its indirect interest in Motion Picture Distribution LP." The decision "is guided solely by our desire to obtain the best available value for our unitholders should control of MPD be affected by this process," stated Rubin Osten, chair of a special committee of the fund in a release.

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