John Malone's US cable giant Liberty Global, which acquired Virgin Media in February for £15bn, has sold its international TV content division, ChelloMedia, to AMC Networks for $1bn (£617m) in cash.
The deal marks a major international expansion for AMC Networks, the US cable TV business headed by chief executive Josh Sapan, which is best known for backing a string of hits including The Walking Dead, Mad Men and Breaking Bad.
ChelloMedia assets include the UK-headquartered ChelloZone, which runs channels across Europe, the Middle East, Africa and Asia such as Extreme Sports Channel and preschool brand Jim Jam.
The deal will also see AMC take over the joint-venture partnerships ChelloMedia has with A+E Networks, which includes channels such as Bio, Military History and Lifetime, and CBS.
The CBS joint venture comprises seven entertainment channels including CBS Drama, CBS Action and CBS Reality.
Liberty Global said it expects to receive a full $1bn in cash proceeds from the deal, with the ChelloMedia assets making $451m in revenue in the year to 30 June.
Morgan Stanley acted as sole financial adviser to Liberty Global on the deal.
Monday, 28 October 2013
Guardian: Liberty Global sells international content arm to Breaking Bad network.
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