[SatNews] The acquisition provides an extensive array of television channels that are distributed to more than 390 million households in 138 countries.
AMC Networks Inc. (Nasdaq:AMCX) announced today it has completed its acquisition of substantially all of Chellomedia, the international content division of Liberty Global (Nasdaq:LBTYA), for EURO750 million (approximately $1.0 billion USD1).
"Chellomedia has a collection of strong, well-established and well-managed assets worldwide and we're excited about the long-term growth opportunity this acquisition represents for AMC Networks and its shareholders," said Josh Sapan, President and CEO of AMC Networks.
The acquisition provides AMC Networks with an extensive array of television channels that are distributed to more than 390 million households in 138 countries. The channels span a range of genres, including movie and entertainment networks, providing significant long-range opportunities for AMC Networks to distribute its original programming from AMC, IFC, Sundance Channel and WE tv across an
expansive global footprint. The acquisition builds on the company's existing and growing international programming business, AMC/Sundance
Channel Global, which will continue to deliver AMC Networks' content to its global distribution partners. Bruce Tuchman, President of
AMC/Sundance Channel Global, will continue to lead this key business for AMC Networks with the support of Executive Vice Presidents Ed
Palluth and Harold Gronenthal.
AMC Networks' Chief Operating Officer Ed Carroll will lead the company's integration of Chellomedia. Reporting directly to Carroll are the heads of Chellomedia's operating businesses: Alejandro Harrison, Chief Executive Officer - Chello Latin America; Mike Moriarty, Managing Director - Chello Central Europe; Dermot Shortt, Chief Executive Officer - Chello Zone; and Eduardo Zulueta, Managing Director - Chello
Multicanal. In addition, AMC/Sundance Channel Global's Tuchman will continue to report to Carroll.
1 The purchase price is translated into U.S. dollars based on the euro to U.S. dollar foreign currency exchange rate in effect as of January
31, 2014.
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