Alliance Atlantis Communications Inc. signalled Wednesday that it might be on the auction block, an announcement that helped propel its stock to a 15 per cent gain.

The Toronto-based film and television company said before stock markets opened that is exploring its "strategic alternatives."

From left, Ricky (Robb Wells), Bubbles (Mike Smith) and Julian (John Paul Tremblay) star in the Trailer Park Boys, which airs on Showcase, an Alliance Atlantis TV channel.
(Canadian Press)

Alliance Atlantis and its controlling shareholder, Southhill Strategy Inc., have recently sought expressions of interest from selected potential buyers as to their interest in buying the company. Southhill Strategy is owned by Alliance Atlantis executive chairman Michael MacMillan and Seaton McLean.

Southhill has said no decision has been made yet on a sale, and that it may ultimately decide not to sell its stake in Alliance Atlantis.

If Southhill decides not to sell its interest, a sale of Alliance Atlantis is unlikely to occur, the companies said.

Shares of Alliance Atlantis gained $6.50 to close at $49 on the TSX.

Alliance Atlantis owns 13 specialty television channels, including Showcase, Discovery, the Food Network, HGTV, History Television and the Life Network. The company also co-produces and distributes the hit CSI franchise and indirectly holds a 51 per cent limited partnership interest in Motion Picture Distribution LP, a distributor of motion pictures in Canada.