BBC America now fully and officially belongs to AMC Networks. The company revealed that it acquired the remaining 50.1% of the channel from BBC Studios in a 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.
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.
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. BBC America has had its share of buzzy hits. The channel co-produced British series such as “Killing Eve,” the revival of “Doctor Who” and the “Planet Earth” continuations. It also co-produced the critically acclaimed Canadian series “Orphan Black.” Currently, the channel is known for airing “The Graham Norton Show,” its many high-end nature documentaries often starring Sir David Attenborough and for airing reruns of “Bones” and “Antiques Roadshow.”
