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Thursday, October 23, 2014

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

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 cable television channel.BBC Worldwide will retain a 50.1 percent stake in BBC America, which is available on cable and satellite TV in 80 million U.S. homes and airs popular drama series such as "Doctor Who" and "Orphan Black."AMC Networks, 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 owns IFC, SundanceTV and WE tv in addition to its flagship AMC network.

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, 668815 shares of AMCX exchange hands on a given day and today's volume is recorded at 882647.