Everyone will have to wait until August for details on how CanWest Global Communications and partner Goldman Sachs will value and divvy up ownership of the pending Alliance Atlantis Communications/Global Television partnership in 2011.

Leonard Asper, CanWest Global CEO, told analysts Thursday that the $2.3-billion takeover of AAC is expected to close on Aug. 7, and only then will details on the CanWest Global-Goldman Sachs agreement be disclosed.

Asper’s comments came as CanWest Global reported sliding third-quarter profits, despite sharply higher revenues and lower costs.

CanWest Global reported $8.4 million in earnings for the latest quarter, down from earnings of $13.2 million in 2006, due to a non-recurring income tax recovery in 2006. Revenues during the latest quarter surged to $738 million, against a year-earlier $687 million.

Significantly, CanWest Global posted lower Canadian TV revenues — $182 million, against $187.3 million in 2006 — as CTV’s American Idol simulcast bit into its business during the latest quarter.

Despite slowing performance during the latest quarter, Kathy Dore, president of television at CanWest MediaWorks, told analysts that her networks’ multi-year recovery in earnings from Canadian television was continuing apace.

‘Obviously we are looking at a significant acquisition [AAC] and integration of that acquisition. There will be one-time costs, but we’re very much on track.’ she said.

‘We may diminish the growth, but not eliminate it,’ Asper added.

CanWest Global executives also offered details on plans to convert a 56% stake in Australia’s Ten Network into a controlling stake, essentially by splitting the core TV network stake and the Eye Corp. outdoor advertising business into two separate companies.

CanWest Global also recently took its Canadian newspaper assets private. The consensus is either Network Ten or the Canadian newspapers, or both, will need to be sold in 2011 to buy Goldman Sachs out of its current agreement for the combined AAC-Global Television entity.

The CRTC will weigh the AAC takeover starting on Sept. 5. Asper said the integration of AAC and Global Television will begin on Sept. 30 at the earliest, pending regulatory approval. He projected a CRTC ruling on the AAC deal will emerge by early November at the latest, given the regulator is fast-tracking its decision-making on takeovers.

In addition, Goldman Sachs’ takeover of Motion Picture Distribution LP and the 50% stake in the CSI franchise could follow soon after Aug. 7, as they are not subject to CRTC approval.