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News Breaks
February 26, 2013
08:42 EDTAMCX, DISH, CVCAMC 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."
News For AMCX;DISH;CVC From The Last 14 Days
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October 13, 2014
17:25 EDTAMCXAMC's 'The Walking Dead' premiere draws 17.3M viewers, WSJ says
AMC Networks' “The Walking Dead” recorded 17.3M viewers Sunday night, setting a ratings record for the show, says the Wall Street Journal. Last seasons premiere had 16.1M viewers, added the Wall Street Journal. Reference Link
October 9, 2014
07:17 EDTAMCXIAC in talks to buy Korean web video service DramaFever, Re/code reports
Korean web video service DramaFever is looking to either sell the company or raise a round of funds, and IAC (IACI) has held talks to buy the company, Re/code reports. DramaFever has also talked to AMC Networks (AMCX) about helping the programmer launch its own Web video subscription services. Valuations for DramaFever have ranged between $80-140M. Reference Link
October 7, 2014
12:20 EDTDISHDISH, Frontier Communications extend agreement
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