AMC Networks, in a pair of SEC filings Tuesday, stated cable pioneer and household patriarch Charles Dolan, is stepping down as government chairman of its board of administrators and that it’s planning to purchase again as much as $250 million in inventory
Charles Dolan will turn out to be chairman emeritus. His son James Dolan will turn out to be non-executive chairman of the board.
The elder Dolan, 93, was a founding father of HBO and created Cablevision, one of many nation’s largest cable operators that was bought to Altice in 2017. AMC Networks had been spun out from Cablevision right into a separate public firm in 2011.
AMC Networks introduced earlier immediately that its chief monetary officer Sean Sullivan is leaving subsequent month — he’ll be leaping to SiriusXM as CFO.
Separately, AMC stated that Wednesday it should launch a young provide to buy as much as $250 million of Class A typical inventory between $26.50 and $22.50. The shares, which closed decrease Tuesday, jumped almost 17% in late buying and selling on the information. Wall Street loves inventory buybacks, which create demand for the inventory, scale back the variety of shares excellent, and enhance earnings per share.
“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,” stated CEO Josh Sapan.
On the Dolans, he stated they “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.”