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News Breaks | | | | February 26, 2013 | | 08:42 EDT |  | AMCX, DISH, CVC | AMC says DISH affiliate fees from Oct. 21, 2012-end 2013 $31M below fair value
AMC Networks (AMCX) stated, "As previously disclosed, on May 20, 2012, DISH Network (DISH) terminated carriage of Sundance Channel and on July 1, 2012 DISH Network terminated carriage of AMC, IFC, and WE tv. We believe the termination was directly related to litigation between DISH Network and VOOM HD. On October 21, 2012, DISH Network and the Company entered into a settlement agreement resolving the litigation. Simultaneously with the execution of the settlement agreement, DISH Network entered into a long-term affiliation agreement with the Company that provided for the resumption of carriage of AMC, IFC, Sundance Channel and WE tv by no later than November 1, 2012. The temporary carriage termination had a material impact to AOCF and operating income for the three months and twelve months ended December 31, 2012." AMC said, based on its fair value assessment of the affiliation agreement, the affiliate fees payable by DISH Network to the company from the effective date of the affiliation agreement of October 21, 2012 through December 31, 2013 are below fair value by approximately $31M and the affiliate fees payable by DISH Network over the remaining terms of the affiliation agreement represent fair value. As a result, AMC recorded the $31M excess of the fair value of the affiliation agreement over the contractual affiliation fees as deferred revenue on October 21, 2012, of which approximately $5M was recognized as revenue during 2012 as the programming services were provided. The remaining $26M is included in deferred revenue in the December 31, 2012 consolidated balance sheet and will be recognized ratably over 2013 as the programming services are provided.The company also said, in connection with the VOOM HD settlement agreement, DISH paid $700M to an account for the benefit of Cablevision Systems Corporation (CVC) and AMC Networks. Pending a determination of the allocation of the settlement proceeds, $350M of the cash proceeds was distributed to each of Cablevision and AMC. AMC stated, "The final amount to be allocated to the Company is yet to be determined and may be significantly less than $350M." | |
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News For AMCX;DISH;CVC From The Last 14 Days Check below for free stories on AMCX;DISH;CVC the last two weeks. |
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| June 19, 2013 | | 16:26 EDT |  | DISH | On The Fly: Closing Wrap
 Subscribe for More Information | | | 12:09 EDT | | DISH | On The Fly: Midday Wrap
Subscribe for More Information | | | 12:06 EDT |  | DISH | Options with decreasing implied volatility: DISH VRTX SUPN S
Subscribe for More Information | | | 09:38 EDT | | DISH | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL AMAT FDX MA C GOOG DISH AMRN MRK BIDU | | | 09:24 EDT | | DISH | On The Fly: Pre-market Movers
Subscribe for More Information | | | 08:44 EDT |  | DISH | Sprint acquisition by SoftBank likely to be approved, says Wells Fargo
Subscribe for More Information | | | 08:05 EDT | | DISH | Sprint down 3% to $7.10 after DISH ends takeover pursuit
Subscribe for More Information | | | 07:13 EDT |  | DISH | Telecom industry looks to grow through acquisition, Bloomberg reports
Global telecommunications companies are chasing after deals from Kansas to Munich in a quest for revenue growth that could lead to the biggest year for mergers in the industry since at least 2006, reports Bloomberg. Over $80B in telecommunications and cable transactions have already been announced or completed this year Reference Link | | | 07:11 EDT | | DISH | Softbank moves closer to acquiring Sprint, Reuters reports
Subscribe for More Information | | | 06:08 EDT | | DISH | On the Fly: Periodicals Wrap-Up
Subscribe for More Information | | | | June 18, 2013 | | 18:36 EDT | | DISH | DISH issues update on Sprint proposal
Subscribe for More Information | | | 11:30 EDT | | DISH | DISH issues statement on Sprint complaint
DISH Network (DISH) issued the following statement in response to Sprint Nextel's (S) June 17 allegations against DISH and Clearwire (CLWR): “Sprint’s lawsuit is a transparent attempt to divert attention from its failure to deal fairly with Clearwire’s shareholders, as well as to exploit its majority position to block Clearwire’s shareholders from receiving a fair price for their shares. DISH is confident that its superior offer, which has been unanimously recommended by the Clearwire Board, including the majority appointed by Sprint, will be upheld and Clearwire shareholders will be free to realize the 29 percent premium represented by the DISH offer.” | | | June 17, 2013 | | 19:19 EDT | | DISH | Sprint files suit against DISH, Clearwire over tender offer
Sprint (S) announced that it has filed a complaint in the Delaware Court of Chancery against DISH Network (DISH) and Clearwire (CLWR) asking the court to prevent the consummation of the DISH tender offer for Clearwire. Sprint believes the transaction violates Delaware law and the rights of both Sprint and Clearwire’s other strategic investors under Clearwire’s charter and under the equity hHolders agreement. In addition to seeking to enjoin the tender offer, Sprint’s lawsuit seeks to rescind certain parts of the tender offer agreement and seeks declaratory, injunctive, compensatory and other relief. | | | 17:31 EDT | | DISH | DISH says HSR waiting period for Clearwire tender offer expires
Subscribe for More Information | | | June 14, 2013 | | 06:06 EDT | | DISH | Dish's broken pledge complaint called 'nonsensical,' Bloomberg reports
Subscribe for More Information | | | June 13, 2013 | | 10:05 EDT |  | AMCX | On The Fly: Analyst Initiation Summary
Subscribe for More Information | | | 06:40 EDT | | DISH, CVC | Cable companies looking to derail Intel broadcast bid, NY Times says
Subscribe for More Information | | | June 12, 2013 | | 19:09 EDT | | DISH | On The Fly: After Hours Movers
Subscribe for More Information | | | 19:06 EDT | | DISH | Sprint says evaluating statement from Clearwire board
Sprint (S) issued the following statement in response to Clearwire (CLWR) board of directors’ recommendation of the DISH (DISH) tender offer: “Sprint is evaluating today’s statement from Clearwire’s board and will review any corresponding filings before determining its next steps. Sprint continues to have every intention of enforcing its governance rights. All commercial agreements, including network and customer agreements, will be honored and enforced as it regards our ongoing relationship with Clearwire.” | | | 17:41 EDT | | DISH | Clearwire committee, board recommend holders accept DISH's $4.40 p/s offer
Clearwire (CLWR) announced that its board of directors, based on the unanimous recommendation of the Special Committee consisting of independent, non-Sprint (S)-affiliated directors, has unanimously recommended that stockholders accept and tender into DISH Network's (DISH) cash tender offer to acquire all outstanding common shares of Clearwire at the previously announced price of $4.40 per share. The DISH tender offer has been amended and now is currently set to expire at 12:00 midnight, Eastern time, at the end of July 2, unless extended or terminated in accordance with the terms and conditions of the offer. The company's board of directors, also based on the unanimous recommendation of the Special Committee, also unanimously recommended that stockholders now vote against the $3.40 per share Sprint merger and related matters. The DISH tender offer is subject to various conditions, including the tender of more than 25% of the fully diluted voting stock in Clearwire and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. | | |
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