Alliance Atlantis to renew normal course issuer bid

Alliance Atlantis to renew normal course issuer bid

3,387,434 Non-Voting Shares acquired since Q4 2005 at a total cost of approximately $116.6 million

TSX: AAC.A, AAC.B

TORONTO, Dec. 15 /PRNewswire-FirstCall/ -- Alliance Atlantis Communications Inc. announced today that it intends to file a notice of intention with The Toronto Stock Exchange ("TSX") to renew its existing normal course issuer bid for a one year period. This renewal is subject to TSX approval.

"Alliance Atlantis intends to continue to repurchase shares in order to help meet our previously stated capital structure objectives," said David Lazzarato, Executive Vice President and Chief Financial Officer. "Since announcing our capital structure objectives during the fourth quarter of 2005, we have used approximately $116.6 million of free cash flow to repurchase 3,387,434 Non-Voting Shares, representing 8% of the shares then outstanding."

The notice of intention proposes that Alliance Atlantis be permitted to, during the twelve month period commencing December 20, 2006 and ending December 19, 2007, purchase on the TSX up to 50,272 Class A Voting Shares ("Voting Shares"), representing approximately 5% of the issued and outstanding Voting Shares of the company and up to 3,897,082 Class B Non-Voting Shares ("Non-Voting Shares"), representing 10% of the public float of the company's Non-Voting Shares. As of December 13, 2006 there were 1,005,438 Voting Shares issued and outstanding and there were 38,950,215 Non-Voting Shares in the public float.

Purchases of the shares will be completed by Alliance Atlantis in accordance with the rules and policies of the TSX and the price to be paid for the shares will be the market price at the time of the purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Alliance Atlantis, and all shares will be purchased in open market transactions or such other means as approved by the TSX. All shares purchased by Alliance Atlantis under the normal course issuer bid will be cancelled.

As at December 13, 2006, Alliance Atlantis had acquired 2,890,934 of its Non-Voting Shares and none of its Voting Shares during the course of its existing normal course issuer bid, which commenced on December 20, 2005. The Non-Voting Shares repurchased under the existing bid were repurchased at an average price of $34.46 and have been cancelled.

About Alliance Atlantis Communications

Alliance Atlantis offers Canadians 13 well-branded specialty channels boasting targeted, high-quality programming. The Company also co-produces and distributes the hit CSI franchise and indirectly holds a 51% limited partnership interest in Motion Picture Distribution LP, a leading distributor of motion pictures in Canada, with motion picture distribution operations in the United Kingdom and Spain. The Company's common shares are listed on the Toronto Stock Exchange - trading symbols AAC.A and AAC.B. The Company's website is www.allianceatlantis.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect Alliance Atlantis's current expectations. The reader should not place undue reliance on them. They involve known and unknown risks, uncertainties and other factors that may cause them to differ materially from the anticipated future results or expectations expressed or implied by such forward-looking statements. In particular, there can be no assurance that the TSX will accept Alliance Atlantis's notice of intention to renew its normal course issuer bid on the terms set out in this press release, or at all and, if the notice is accepted, there can be no assurance as to the number of shares that Atlantis Alliance will purchase under its normal course issuer bid. Other risks and factors are described in materials filed by Alliance Atlantis with the security regulatory authorities in Canada from time to time, including Alliance Atlantis's 2005 Management's Discussion and Analysis. AACI undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Source: Alliance Atlantis Communications Inc.

CONTACT: Andrew Akman, Senior Vice President, Finance - Corporate
Development & Investor Relations, Alliance Atlantis Communications Inc., Tel:
(416) 966-7701, Email: andrew.akman@allianceatlantis.com; Nicola McIsaac,
Manager, Corporate Communications, Alliance Atlantis Communications Inc., Tel:
(416) 969-4405, Email: nicola.mcisaac@allianceatlantis.com

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