AMC Networks acquires full control of BBC America for $42 Million

AMC Networks has acquired full control of BBC America, its joint venture with BBC Studios.

The U.S. media company has owned a 49.9% stake in the channel since 2014, which it purchased for $200 million in a deal with BBC Worldwide. With this new transaction, which closed Nov. 1, AMC Networks gains the remaining 50.1% of BBC America in exchange for $42 million in cash.

Per AMC Networks’ Q3 earnings results, which were released Friday, AMC Networks “now owns 100% of the BBC America business, with full operational control, and will continue to fully consolidate BBC America.”

Along with “Mad Men,” “The Walking Dead” and “Breaking Bad,” some of the shows AMC Networks is best known for are past BBC America hits and critical darlings, including “Killing Eve,” “Orphan Black” and “Doctor Who” (which now airs on Disney+).

AMC Networks says “future contractual programming commitments to BBC Studios would have been significantly reduced,” had the deal been closed by Sept. 30, the final day of its last quarter, and $132.9 million of redeemable non-controlling interest related to BBC America “would have been eliminated.” “Going forward, AMC Networks will no longer be making any related cash distributions to non-controlling interests,” the company says.

“We now own 100% of this iconic channel, with full operational control, and look forward to what the future holds,” CFO Patrick O’Connell said during the AMC Networks’ Q3 earnings call Friday. “Of course, we still maintain a close commercial relationship with BBC Studios to ensure the brand and programming remain top tier. We will continue to fully consolidate BBC America, as we did prior to the transaction.”

“As we continue to expand and diversify our market presence in the U.S., BBC Studios has completed a transaction with our long-time joint venture partner AMC Network to sell our remaining 50.1% interest of BBC America, transferring full ownership and operational control of the iconic brand to them,” BBC Studios CEO of global media and streaming Rebecca Glashow said in a statement later Friday. “Looking ahead, we are excited to continue our commercial partnership with AMC Networks, ensuring the continued growth and success of the BBC America brand and its programming.”

The sale of BBC America to AMC is perhaps indicative BBC Studios is planning a new strategy for its content distribution in the U.S. In February, BBC Studios wholly acquired streaming platform BritBox International, which focuses on offering “best of British” content internationally, including in North America. The streamer was originally founded in 2017 as a joint venture between the BBC and fellow U.K. public service broadcaster ITV, with both networks’ premium content going to the platform — from the BAFTA Film Awards ceremony, which airs on the BBC in the U.K., to recent ITV drama “Joan” starring Sophie Turner.

At the time of the acquisition, which saw BBC Studios buy out ITV’s 50% stake for $322 million, Rebecca Glashow, BBC Studios global media and streaming CEO, said: “We see tremendous opportunity to grow this unique service and take it to even greater heights for its subscribers, with the full power of the BBC behind it.”

In 2022, BBC Studios also moved one of its best known franchises, “Doctor Who,” away from BBC America after inking a deal with Disney+, which saw the Mouse House become the exclusive home of the iconic sci-fi series internationally. Variety