AMC Networks Completes $1 Billion Acquisition of Liberty Global's Chellomedia
LONDON – AMC Networks early Monday said it has completed its acquisition of Chellomedia, the international channels unit of John Malone's pan-European cable giant Liberty Global, for approximately $1 billion.
Reaching more than 390 million homes in 138 countries, Chellomedia will give the parent company of the AMC network, home of The Walking Dead and Mad Men, a more global presence.
"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 AMC Networks president and CEO Josh Sapan.
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When Sapan first announced the deal, he said, "We have had a great desire to do something we consider fundamentally strategic, which is to take our content and put it on channels we own."
The Chellomedia channels cover a range of genres, including movie and entertainment content, with the new owner on Monday again highlighting the "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."
AMC also takes over Chellomedia's joint ventures with CBS International and A+E Networks.
The deal, first announced in late October, builds on the company's existing international programming business, AMC/Sundance Channel Global.
Bruce Tuchman, president of AMC/Sundance Channel Global, will continue to lead this operation, while AMC Networks COO Ed Carroll will lead the integration of Chellomedia.
Tuchman will continue to report directly to Carroll, as will the heads of Chellomedia's regional and other arms: Alejandro Harrison, CEO of Chello Latin America; Mike Moriarty, managing director, Chello Central Europe; Dermot Shortt, CEO of Chello Zone; and Eduardo Zulueta, managing director, Chello Multicanal.
Liberty Global will retain the Dutch premium channels business of Chellomedia, which consists of the Film1 and Sport1 channels.