Alliance Atlantis has made its long-awaited move and put its film distribution arm on the block, announcing on Oct. 20 that it had completed a strategic review of its 51%-owned Motion Picture Distribution and given it the green light "to explore ownership alternatives."

MPD, the balance of which is held by the Movie Distribution Income Fund, is the top indie distributor in Canada. It in turn owns Momentum Pictures in the U.K. and Aurum in Spain.

London-based Marwyn Investments has made no secret of its interest in scooping 100% of the distributor, and in the summer announced a cash offer of $394 million to $414 million, or $10 to $10.50 per share.

Goldman Sachs has also been kicking the tires.

Suitors have been held off by AAC since summer, when company executives Patrice Théroux and Paul Laberge were fired and chair Victor Loewy resigned amid much vitriol, throwing the company into turmoil.

AAC brass had said that it would not entertain any offers until it completed its strategic review of MPD.

The exec dispute has since been settled and Loewy has signed back on with MPD as honorary chairman. His return allows the company to retain its most lucrative output deal, with New Line Cinema. MPD also has output deals with Focus Features, Miramax and The Weinstein Company.

www.allianceatlantis.com