AMC NETWORKS AND CHARTER COMMUNICATIONS ANNOUNCE EARLY MULTI-YEAR RENEWAL AGREEMENT FOR DISTRIBUTION OF AMC NETWORKS' LINEAR NETWORKS AND DIRECT-TO-CONSUMER STREAMING SERVICE
Rhea-AI Summary
AMC Networks (NASDAQ: AMCX) and Charter Communications announced an early multi-year renewal of their distribution agreement dated Sept. 4, 2024. Under the deal, Charter will carry AMC Networks' portfolio of linear cable networks and include the ad-supported version of AMC+ at no additional cost for Spectrum TV Select customers. Charter will also offer AMC+ for purchase to its Internet-only customers.
Charter said the addition raises streaming-app retail value to more than $40/month for Spectrum TV Select Plus and over $30/month for Spectrum TV Select/Select Signature. The agreement keeps access to AMC, BBC America, IFC, SundanceTV and We TV. Financial terms were not disclosed.
AI-generated analysis. Not financial advice.
Positive
- AMC+ included at no extra cost for Spectrum TV Select customers
- Charter will offer AMC+ for purchase to Internet-only customers
- Renewal preserves carriage of AMC, BBC America, IFC, SundanceTV and We TV
- Streaming-app retail value reported as $40+/month for Select Plus customers
Negative
- Financial terms of the multi-year renewal were not disclosed
News Market Reaction – AMCX
On the day this news was published, AMCX declined 0.51%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Ad-Supported AMC+ will be Included in All Spectrum TV Select Packages at No Additional Cost to Customers
Charter to Make AMC+ Available for Purchase by Internet-Only Customers
NEW YORK and STAMFORD, Conn., Sept. 4, 2024 /PRNewswire/ -- AMC Networks (NASDAQ: AMCX) and Charter Communications, Inc. (NASDAQ: CHTR) today announced they have agreed to an early renewal of their distribution agreement that will allow Charter to carry AMC Networks' portfolio of linear cable networks for multiple years to come. Continuing Charter's industry-leading strategy of including programmer streaming apps in the cable bundle to enhance the value proposition, the ad-supported version of AMC Networks' direct-to-consumer streaming service AMC+ will be included at no additional cost to Charter's Spectrum TV Select customers. Additionally, Charter will make AMC+ available for purchase to its millions of Internet-only customers.
With the addition of AMC+, Charter, through its programming deals, will be providing its Spectrum TV Select Plus customers more than
"This agreement with AMC Networks supports our goal of enhancing the value and variety of premium entertainment content available to our customers," said Tom Montemagno, Executive Vice President, Programming Acquisition for Charter, which operates the Spectrum brand of video and connectivity services. "The addition of AMC+ at no extra cost for our TV Select customers builds on our new distribution framework, which this year alone has included the addition of Paramount+ Essential, ViX Premium with Ads, Disney+ and ESPN+. We appreciate AMC Networks' partnership in reaching a distribution agreement that benefits our mutual customers and helps transform the video industry."
With the agreement, Spectrum video customers will continue to enjoy access to AMC Networks' cable portfolio, including AMC – home to The Walking Dead Universe, the Anne Rice Immortal Universe and acclaimed series, including Dark Winds, Gangs of London and others – BBC America, IFC, SundanceTV and We TV. AMC+ is a premium streaming bundle featuring world-class originals, award-winning series and exclusive movies. The service includes same-day access to all original AMC series and full access to Shudder, Sundance Now and IFC Films Unlimited.
"This early, multi-year agreement between Charter and AMC Networks ensures Spectrum TV customers will continue to have access to our high-quality original programming however they prefer to watch it, including through the ad-supported version of AMC+," said Kim Kelleher, Chief Commercial Officer of AMC Networks. "Charter has been a long-time partner, and this agreement reflects our strong and mutually beneficial relationship and commitment to viewers."
Financial terms of the agreement were not disclosed.
About AMC Networks
AMC Networks (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE; cable networks AMC, BBC AMERICA (operated through a joint venture with BBC Studios, which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and WE tv; and film distribution labels IFC Films and RLJE Films. The company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe; and AMC Networks International, its international programming business.
About Charter
Charter Communications, Inc. (NASDAQ: CHTR) is a leading broadband connectivity company and cable operator with services available to more than 57 million homes and businesses in 41 states through its Spectrum brand. Over an advanced communications network, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise® provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com.
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SOURCE Charter Communications, Inc.