AMC Networks to Acquire German Channel KinoweltTV
AMC/Sundance Channel Global, a unit of AMC Networks, said on Thursday it has reached an agreement to acquire German network KinoweltTV.
Financial terms weren't disclosed.
The 24/7 basic pay TV network, distributed in Germany, Austria and Switzerland, airs classic and contemporary films.
"The acquisition expands AMC/Sundance Channel Global’s European presence with full
distribution across all platforms in German-speaking Europe," the company said. The transaction is subject to the satisfaction of certain closing conditions, including regulatory approval.
AMC Networks, led by CEO Josh Sapan, previously acquired Liberty Global's international channels business Chellomedia for $1 billion.
Said Bruce Tuchman, president of AMC/Sundance Channel Global and MGM Channel Global: "The acquisition of KinoweltTV is an important moment for AMC/Sundance Channel Global as it increases its international footprint and provides widespread distribution across all major platforms throughout German-speaking Europe. KinoweltTV’s high-quality, critically acclaimed films complement Sundance Channel’s distinctive programming, and we expect this acquisition will fit perfectly into our portfolio."
KinoweltTV’s existing management will join the AMC/Sundance Channel Global team. Achim Apell will continue to serve as KinoweltTV’s managing director.
Said Apell: "AMC/Sundance Channel Global has developed worldwide recognition for its great programming and record expansion; our team is thrilled to be joining their team. We are convinced that our audience as well as our distribution partners will benefit from the effects caused by this acquisition and that after 10 successful years of broadcast we’ve chosen the best possible international partner to take our business to the next level."