AMC Networks Inc. Completes Acquisition of RLJ Entertainment, Inc.
01 November 2018 - 10:00PM
AMC Networks Inc. (NASDAQ: AMCX) today announced that it
completed the acquisition of RLJ Entertainment, Inc. (NASDAQ: RLJE)
after RLJ Entertainment’s stockholders approved the transaction at
a special meeting on October 31, 2018. AMC Networks acquired all of
the shares of common stock of RLJE not owned by Robert L. Johnson,
AMC Networks or their respective affiliates for approximately $59
million in cash, or $6.25 per share of common stock. RLJ
Entertainment is now a privately-owned subsidiary of AMC
Networks, with Mr. Johnson and his affiliates owning a stake of
17%.
RLJ Entertainment has created two rapidly growing subscription
streaming services: Acorn TV, known for its high-quality British
and international mysteries and dramas; and UMC, which offers
films, documentaries, original series and comedy for
African-American and urban audiences. In addition, RLJ
Entertainment owns a majority stake in Agatha Christie Ltd., which
represents an exceptionally popular world-class franchise.
“This acquisition furthers AMC Networks’ direct-to-consumer
strategy and accelerates our interests in subscription
video-on-demand services that we own and control,” said Josh Sapan,
AMC Networks President and CEO. “We have tremendous respect for RLJ
Entertainment’s management team, who have done an exceptional job
growing this business and creating powerful direct-to-consumer
streaming services in Acorn TV and UMC that reach highly-targeted
audiences with popular content, and are now approaching one million
subscribers.”
Added Sapan: “Moreover, as we continue to focus on owning more
IP and extending our content franchises, Agatha Christie Ltd.
represents a great addition to our portfolio.”
Robert L. Johnson, RLJ Entertainment’s Founder and
Chairman, stated, “AMC Networks is a great home for the business we
have built at RLJE. Josh and his team understand better than anyone
that serving audiences with great content that fits their unique
interests is a powerful and compelling proposition. It is at the
core of their terrific success in building AMC Networks into one of
the foremost creators of high-quality content worldwide. With AMC
Networks’ experienced management team, high creative standards and
deep expertise in building powerful brands, I see a very bright
future ahead for our business.”
Added Miguel Penella, Chief Executive Officer of RLJ
Entertainment, “Our businesses each serve unique audiences and have
a strong connection to their viewers. AMC Networks has been an
ideal partner as we developed Acorn TV and UMC as preferred
destinations and must-have subscriptions for their respective
audiences. We will benefit greatly from their continued
support, strong management team and their breadth of experience as
we continue to grow our business.”
The growth of Acorn TV has been driven most recently by the
current release of A Place to Call Home. Other key original
programs coming soon to Acorn TV are Agatha Raisin, Queens of
Mystery and London Kills. UMC is also increasingly bringing
original programs to its audience. UMC Original Series
released in 2018 and in continued development, include Monogamy and
5th Ward. Recent noteworthy releases from RLJE Films include
Mandy, Arizona and Galveston.
RLJ Entertainment owns a majority interest in Agatha Christie
Limited, which manages the intellectual property and publishing
rights to some of the greatest works of mystery fiction, including
stories of the iconic sleuths Miss Marple and Poirot. Last year’s
21st Century Fox Kenneth Branagh-directed adaptation of “Murder on
the Orient Express” grossed more than $350 million in worldwide box
office. Forthcoming adaptations include 21st Century Fox’s “Death
on the Nile” sequel as well as the BBC’s recent multi-show deal
with Agatha Christie Productions for seven dramas based on the
author’s works.
About AMC Networks Inc.
AMC Networks (NASDAQ: AMCX) owns and operates several of cable
television’s most recognized brands delivering high quality content
to audiences and a valuable platform to distributors and
advertisers. AMC Networks manages its business through two
operating segments: (i) National Networks, which principally
includes AMC, WE tv, BBC AMERICA, IFC and SundanceTV; and AMC
Studios, AMC Networks’ television production business; and (ii)
International and Other, which principally includes AMC
Networks International, AMC Networks’ international programming
business; IFC Films, AMC Networks’ independent film distribution
business; and AMC Networks’ owned subscription streaming services,
Sundance Now and Shudder. For more information on AMC Networks,
please visit its website at http://www.amcnetworks.com.
AMC Networks Contacts: |
|
Investor Relations |
Corporate Communications |
Seth Zaslow (646) 273-3766 |
Georgia Juvelis (917) 542-6390 |
seth.zaslow@amcnetworks.com |
georgia.juvelis@amcnetworks.com |
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