BBC America now fully and officially belongs to AMC Networks. The company revealed that it acquired the remaining 50.1% of the company from BBC Studios deal that took place last Friday.
The remaining half of the company was paid for in $42 million cash, which was distributed from the savings balance sheet. “We now own 100% of the iconic channel with full operational control, and look forward to what the future holds,” Patrick O’Connell, executive vice president and Chief Financial Officer of AMC Networks, said during the company’s third quarter earnings call for 2024.
O’Connell assured analysts that moving forward AMC will continue to have a “close commercial relationship with BBC Studios” when it comes to the channel, ensuring that the brand and its programming remain at the same caliber. The company will continue to fully consolidate BBC America, as it did prior to this transaction.
Since 2014, AMC Networks has owned a 49.9% stake in BBC America, which was purchased in a deal with BBC Worldwide for $200 million.
The company also noted that, assuming the transaction closed on Sept. 30 — the last day of the quarter — 133 million of redeemable non-controlling interests related to the BBC America that were reflected on a consolidated balance sheet, would be eliminated. “Going forward, we’ll keep 100% of the cash that business generates and will no longer be making any related cash distributions to non-controlling interests,” O’Connell said.
More to come …
