AMC Networks Becomes a Separate Public Company
July 01 2011 - 7:45AM
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.
The AMC Networks Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9934
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties,
and that actual results or developments may differ materially from
those in the forward-looking statements as a result of various
factors, including financial community and rating agency
perceptions of the company and its business, operations, financial
condition and the industry in which it operates and the factors
described in the company's filings with the Securities and Exchange
Commission, including the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" contained therein. The company disclaims any
obligation to update the forward-looking statements contained
herein.
CONTACT: Georgia Juvelis
Corporate Communications
917-542-6390
gjuvelis@amcnetworks.com
Seth Zaslow
Investor Relations
646-273-3766
szaslow@amcnetworks.com
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