Cable operator AMC Networks has put in a $16m offer to acquire full control of Rlj Entertainment.
The move to buy outstanding shares of Robert L. Johnson’s company comes 16 months after AMC Networks invested $65m in the form of loans (which have since grown to an aggregate of $78m) as part of a strategic partnership.
AMC and Johnson currently own approximately 26% and 47% of the outstanding shares of Rlj Entertainment common stock, respectively.
The proposal involves paying $4.25 per share in cash, with the goal of turning Rlj Entertainment into a privately held subsidiary.
AMC Networks said, ”AMC Networks has advised Rlj Entertainment that it is only interested in acquiring the shares of Rlj Entertainment not owned by AMC Networks or entities affiliated with Mr. Johnson, and has no interest in disposing of its stake in Rlj Entertainment or participating in any other strategic process.”
Rlj Entertainment’s Ott branded