AMC Buys $200 Million Stake in BBC America
AMC Networks agreed to buy a 49.9 percent stake in BBC Worldwide's BBC America for $200 million to strengthen its channel amongst pay TV operators.
This deal between the cable network company and the commercial extension of the U.K.'s public BBC was made public Thursday after talks began to surface during the summer. BBC America airs popular BBC shows such as "Doctor Who," "Top Gear," "Planet Earth" and "Sherlock."
"A combined AMC Networks-BBC America channel group creates a powerful collection of networks that are among the most critically acclaimed with distinct dramas and other potent content that creates a deep connection with viewers," AMC Networks president and CEO Josh Sapan said in a statement. "Our content rises to the top on many levels and is particularly well-suited to an era of an on-demand viewing and expanding consumer choice."
AMC Networks also operates Sundance, WE tv and IFC channels as well as its namesake AMC. Now the independent BBC America can be added to the list when negotiating carriage fees with pay TV operators. AMC Networks will take over operations of the channel, while BBC Worldwide will retain the controlling 50.1 percent stake.
BBC America is currently broadcast to roughly 80 million households in the U.S.
"The U.S. is an important market for the BBC's commercial activities. This partnership brings together the whole BBC and will help us reach new audiences in the U.S., strengthen BBC America's position for the long term and create opportunities for the U.K. creative community," BBC director general and chairman of BBC Worldwide Tony Hall said.
"We've already worked successfully with AMC Networks on award-winning productions of "Top of the Lake" and "The Honorable Woman," and this partnership means we can produce even more top quality drama together. And I hope this is the beginning of us working together on other future projects too."
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