Just ahead of the Independence Day weekend, AMC Networks Inc. has officially spun off from Cablevision Systems, and the programming company formerly known as Rainbow Media Holdings is now a separate, public company traded on NASDAQ under the ticker symbol "AMCX."
On Thursday (June 30), Cablevision distributed one share of AMC Networks Class A stock to all Cablevision stockholders for every four shares of Cablevision common stock they held.
Also Thursday, as part of the spinoff, AMC Networks completed its previously announced financing for approximately $2.43 billion of new funded debt, which included a private offering of $700 million.
As previously announced, Josh Sapan will remain president and CEO of AMC Networks. Charles Dolan will serve as executive chairman of the newly public company, while continuing his present role as chairman of Cablevision.
"This is an important moment for AMC Networks, which has a long history of innovation and excellence in creating compelling programming for targeted audiences," Dolan said in a statement. "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."
Sapan added, "Today is a milestone in our company's history. Over the past 30 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's networks include AMC -- best known for the award-winning series Mad Men -- IFC, Sundance Channel and WE tv, and also operates independent film distributor IFC Films; AMC/Sundance Channel Global, the company's international programming business; and AMC Networks Broadcasting & Technology (formerly Rainbow Network Communications), a network programming feed origination and distribution company.
For the full year 2010, AMC Networks had $1.08 billion in revenue and posted net income of $80 million, according to a filing with the Securities and Exchange Commission. New York-based AMC Networks had 849 full-time employees as of February 28, 2011; none are represented by unions.
The company currently leases approximately 200,000 square feet of office space at 11 Penn Plaza in Manhattan, under lease arrangements with remaining terms of six and nine years. In addition, AMC Networks also leases the 55,000 square-foot Broadcasting and Technology Center in Bethpage, N.Y., from which AMC Network Communications conducts its operations, as well as leased sales offices in Santa Monica, Calif., Atlanta and Chicago.