The company ceased to exist in 2007 as the broadcasting division was acquired by Canwest Global Communications and an affiliate of Goldman Sachs that year.

Most of the assets of eOne, which included Alliance Atlantis' films division and television library, were later acquired by Lionsgate on December 27, 2023.

Earlier that year, Alliance Atlantis teamed up with Hallmark Cards to create Crayola Kids Adventures, a series of three direct-to-video adaptations of well-known children's novels.

[7] In 1999, German Kinowelt purchased an interest in Alliance Atlantis' UK distribution arm, which was soon renamed to Momentum Pictures in 2000.

However, soon after the acquisition, Salter Street was disbanded and its active projects were transferred to Alliance Atlantis' own television production/development division.

Throughout the years, the company had purchased assets of several bankrupt studios, including Norstar Entertainment, Telescene, Peace Arch, Cinemavault, Odeon Films and in 2005, had bought out the television library of Fireworks Distributing Corporation from CanWest Global Communications.

[20] In 2007, Alliance Atlantis was named one of Canada's Top 100 Employers, as published in Maclean's magazine, the only broadcaster to be included on the list.

[23] A similar announcement was made previously regarding the Motion Picture Distribution unit, which is also expected to be sold separately while finding a bidder to acquire most parts of the company.

On January 10, 2007, it was announced that Alliance Atlantis would be acquired by a consortium of Canwest Global and GS Capital Partners, an affiliate of Goldman Sachs.

[27] Entertainment One would later acquire Alliance Films on January 9, 2013, and all of their subsidiaries from Goldman Sachs Group, similar to the purchase of Maple Pictures a year prior.

On November 20, 2014, Echo Bridge Entertainment sold Alliance Atlantis' children's programs, including the international distribution rights to the Degrassi franchise, to DHX Media.

[30] In 2017, producer Steven Paul announced that he would acquire the non-family assets of Echo Bridge Entertainment, including the international distribution rights to Alliance Atlantis' library (with the exception of its children's programs that are still owned by DHX Media/WildBrain) and later folded it into SP Releasing, in turn licensed most of Alliance Atlantis, Cineplex Odeon Films, Echo Bridge and PM Entertainment libraries to FilmRise for digital distribution and online streaming.