BUSINESS

AMC Networks pays $200 million for 49.9 per cent stake in BBC America

10/23/2014 06:56 EDT | Updated 12/23/2014 05:59 EST
NEW YORK, N.Y. - AMC Networks Inc. said Thursday it will pay $200 million to acquire a stake in BBC America.

The entertainment company known for shows such as "The Walking Dead" and "Mad Men" will have a 49.9 per cent equity stake in the cable channel that is home of shows such as "Doctor Who" and "Orphan Black."

BBC Worldwide, the commercial arm of the British Broadcasting Corp., will retain 50.1 per cent ownership. The BBC said in a statement the partnership will help it reach new audiences in the U.S., strengthen BBC America, while creating opportunities for the U.K.'s "creative community."

New York-based AMC will have operational control of BBC America and manage it as a stand-alone channel, adding to its portfolio that also includes AMC, IFC and SundanceTV.

It is not the first agreement between the BBC and AMC, which already worked together on series such as "Top of the Lake" and "Honourable Woman."

Shares of AMC fell 29 cents to close at $58.44 before the announcement. They were unchanged in extended trading.