Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, October 23, 2014

AMC Networks buys 49.9 percent stake in BBC America, (NASDAQ: AMCX)

Cable TV network AMC Networks Inc said on Thursday it agreed to pay $200 million for a 49.9 percent stake in BBC America and would take operational control of the channel.BBC Worldwide will retain a 50.1 percent stake in BBC America.BBC America, available on cable and satellite TV in 80 million U.S. homes, airs popular drama series such as "Doctor Who" and "Orphan Black."AMC Networks, the home of "The Walking Dead," "Mad Men" and "Breaking Bad," will have operational control of BBC America, including affiliate and advertising sales. AMC will consolidate the results of the joint venture in its financial statements.

AMC Networks Inc. (AMC Networks) is a holding company and conducts substantially all of its operations through its subsidiaries. Shares of AMCX fell by 0.49% or $-0.29/share to $58.44. In the past year, the shares have traded as low as $52.73 and as high as $78.39. On average, 662620 shares of AMCX exchange hands on a given day and today's volume is recorded at 882647.