NEW YORK (TheStreet) -- AMC Networks, the owner of the Breaking Bad series, plans to buy Chellomedia, the international division of John Malone's Liberty Global (LBTYA) in a deal valued at 750 million Euros or about $1.035 billion that will allow the New York-based company to distribute its movies and entertainment programming to channels reaching 390 million households in 138 countries.
Shares of AMC were falling 2.9% to $68.32 on news of the deal while Liberty Global was rising 1.7% to $81.49.
The transaction, which is expected to close in the first quarter of 2014, will give AMC multiple platforms on which to show programming from its AMC channel as well as IFC, Sundance Channel and WE tv. AMC said it would combine Chellomedia with its AMC/Sundance Channel Global until, which has carried the bulk of the company's international distribution efforts.
Liberty Global, which is controlled by cable-TV innovator John Malone, put its international business up for sale in May, pricing the unit between $800M and $1B, The Wall Street Journal reported. AMC will acquire Liberty Global's Chello Central Europe, Chello Latin America, Chello Multicanal, Chello Zone, the ad sales unit Atmedia and the broadcast unit Chello DMC.
AMC has gained 42% this year as television shows Breaking Bad, Mad Men and The Walking Dead became cult favorites.
--By Leon Lazaroff
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV