Alliance Atlantis Communications Inc. - Changes to Holding Company Announced

Alliance Atlantis Communications Inc. - Changes to Holding Company Announced

TSX : AAC.A, AAC.NV.B NASDAQ : AACB

www.allianceatlantis.com

TORONTO, March 18 /PRNewswire-FirstCall/ -- Alliance Atlantis Communications Inc. ("AACI") today announced that it has completed a reorganization with Michael MacMillan, Seaton McLean, Edward Riley and Peter Sussman (collectively, the "Individual Shareholders") to simplify the holdings of the Individual Shareholders by converting certain of the AACI Class A Voting Shares held indirectly by them into AACI Class B Non-Voting Shares held directly by Messrs. Sussman, Riley and McLean. Consistent with the structure of the previous holding company, Michael MacMillan and Seaton McLean will continue to jointly control AACI through a holding company that holds 670,995 Class A Voting Shares (representing 66.7% of the issued and outstanding Class A shares of AACI), of which 655,995 Class A voting shares were attributable to Mr. MacMillan's interest and 15,000 Class A voting shares were attributable to Mr. McLean's interest.

The reorganization was the final step in a series of transactions which commenced in December, 2003 when Seaton McLean and Peter Sussman ceased to be employed by AACI. Their departure triggered certain obligations under contractual arrangements between the Individual Shareholders, including the obligation to sell or convert certain of their AACI shares.

The reorganization was reviewed and approved by AACI's Corporate Governance Committee composed of three independent directors, as well as by the AACI Board of Directors. AACI has received regulatory approvals for the reorganization from the Canadian Radio-television and Telecommunications Commission, the Ontario Securities Commission, the TSX and the NASDAQ National Market.

About Alliance Atlantis Communications

In 2005, Alliance Atlantis Communications Inc. celebrates its 10th anniversary as a leading specialty broadcaster, continuing to offer Canadians recognizable, high-quality brands boasting targeted, high-quality programming across 13 specialty channels. The Company co-produces and distributes a limited number of television programs in Canada and internationally, including the hit CSI franchise, and holds a 51% limited partnership interest in Motion Picture Distribution LP, Canada's leading motion picture distribution business. The Company's common shares are listed on the Toronto Stock Exchange - trading symbols AAC.A, AAC.NV.B and on NASDAQ - trading symbol AACB. The Company's Web site is www.allianceatlantis.com.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, in addition to the financing conditions mentioned above, are market and general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and registration statements files with the Canadian securities regulatory authorities and the US Securities and Exchange Commission.

Source: Alliance Atlantis Communications Inc.

CONTACT: W. Judson Martin, Senior Executive Vice President and Chief Financial Officer, Tel: (416) 934-6932, E-mail: judson.martin@allianceatlantis.com; Jennifer Bell, Director, Public Affairs and Communications, Tel: (416) 934-7854, E-mail: jennifer.bell@allianceatlantis.com

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