AMC Networks Announces Details of Planned Modified Dutch Auction Tender Offer

Charles F. Dolan Stepping Down as Executive Chairman, Will Become Chairman Emeritus

James L. Dolan Has Been Elected Non-Executive Chairman of the Board of Directors

NEW YORK, Sept. 15, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (NASDAQ: AMCX) today announced that on September 16, 2020 it plans to commence a “modified Dutch auction” tender offer to purchase up to $250 million in value of its outstanding Class A common stock, par value $0.01 per share (the “Class A Shares”), at a price per Class A Share of not less than $22.50 and not greater than $26.50. The Company also announced that its Executive Chairman, Charles F. Dolan, is stepping down from that position to become Chairman Emeritus and that James L. Dolan has been elected as the Non-Executive Chairman of the Company’s Board of Directors.

“AMC Networks has a strong financial position and the proposed tender offer is a significant expression of strength and the Board’s confidence in our company’s future,” said Josh Sapan, president and chief executive officer. “The Dolans have led this company from its inception, and both Charles and Jim have provided vision, guidance and support through its long history of growth and evolution. We look forward to their continued leadership as AMC Networks continues to stand out in a crowded environment through the strength and quality of our content and ability to forge strong and lasting relationships with viewers and fans.”

Modified Dutch Auction Tender Offer Details

AMC Networks Inc. plans to commence an offer to purchase up to $250 million in value of Class A Shares at a price per Class A Share of not less than $22.50 and not greater than $26.50. The closing price of the Class A Shares on the Nasdaq Stock Market today was $20.77 per Class A Share. The “modified Dutch auction” tender offer is expected to commence on September 16, 2020, and is intended to expire at 12:00 midnight, New York City time, at the end of Wednesday, October 14, 2020, unless the offer is extended. Tenders of Class A Shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration time, in each case, in accordance with the procedures described in the tender offer materials. The Company intends to pay for the shares repurchased in the tender offer with available cash.