AMC Networks Inc. (Nasdaq:AMCX) announced today that its spin-off from Cablevision Systems Corporation (NYSE:CVC) is complete and that AMC Networks is now a separate, public company that trades on NASDAQ as "AMCX."
Press Release from AMC Networks Inc.
NEW YORK, July 1, 2011 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq:AMCX) announced today that its spin-off from Cablevision Systems Corporation (NYSE:CVC) is complete and that AMC Networks is now a separate, public company that trades on NASDAQ as "AMCX." AMC Networks, formerly Rainbow Media Holdings, has changed its name in conjunction with the spin-off.
AMC Networks' status as a standalone entity follows the distribution by Cablevision of all of AMC Networks' outstanding common stock. The distribution occurred on June 30, 2011 to Cablevision shareholders of record as of the close of business on June 16, 2011. In the distribution, Cablevision Class A stockholders received one share of AMC Networks Class A common stock for every four shares of Cablevision Class A common stock they held as of the record date. Cablevision Class B stockholders received one share of AMC Networks Class B common stock for every four shares of Cablevision Class B common stock they held as of the record date.
As previously announced, Josh Sapan is president and chief executive officer of AMC Networks and Charles Dolan will serve as executive chairman of the newly public company, while continuing his present role as chairman of Cablevision. Mr. Dolan stated: "This is an important moment for AMC Networks, which has a long history of innovation and excellence in creating compelling programming for targeted audiences. We look forward to building on those achievements and believe that the company is well positioned for today's marketplace under the leadership of Josh Sapan and his excellent management team."
Mr. Sapan added, "Today is a milestone in our company's history. Over the past thirty years, we have created brands and content designed to serve targeted demographic audiences. Now, as a separate public company, AMC Networks has the opportunity to further showcase each of its programming services and provide value to investors, distributors and advertisers."
AMC Networks is home to some of the best known entertainment brands, including AMC, IFC, Sundance Channel and WE tv. From AMC's "Mad Men" to IFC's "Onion News Network," AMC Networks is dedicated to engaging audiences with high-quality, critically-acclaimed original programming.
The company also operates IFC Films, a leading U.S. distributor of quality independent films, AMC/Sundance Channel Global, the company's international programming business, and AMC Networks Broadcasting & Technology (formerly Rainbow Network Communications), a full-service network programming feed origination and distribution company.
As part of the spin-off, on June 30, 2011, AMC Networks completed its previously announced financing for approximately $2.43 billion of new funded debt. This financing included a private offering of $700 million in aggregate principal amount of 7.75% Senior Notes due 2021. It also included a credit agreement consisting of a $1.13 billion Term Loan A Facility, a $595 million Term Loan B Facility, and a $500 million revolving credit facility, which had not been drawn on at closing. A portion of the financing proceeds was used to repay outstanding debt of subsidiaries of AMC Networks, prior to the closing.
For further information about the company, please visit www.amcnetworks.com.
About AMC Networks Inc.Dedicated to producing quality programming and movie content for more than 30 years, AMC Networks Inc. owns and operates several of the most popular and award-winning brands in cable television. AMC, IFC, Sundance Channel, WE tv, and IFC Films produce and deliver distinctive, compelling and culturally relevant content that engages audiences across multiple platforms. The company also operates AMC/Sundance Channel Global, an international programming business, and AMC Networks Broadcasting & Technology, a full-service network programming feed origination and distribution company.