We won’t be able to sing “Somewhere Over the Rainbow” for this corporate split, since Cablevision has now renamed Rainbow Media as AMC Networks Inc. In any case, the separation is now set for June 30th.
As announced in March, Josh Sapan will become President and CEO of the new public company. Cablevision founder Charles Dolan will be Executive Chairman of AMC as well as continuing as Chairman of Cablevision. The new AMC stock will trade on Nasdaq as AMCX. “When issued trading as AMCXV is expected to begin June 16th.
As the spin-off occurs, AMC will have about $2.43 billion in debt, including new borrowing that will pay about $1.25 billion of Cablevision’s debt.
As for the mechanics of the spin-off, Cablevision shareholders as of June 16th will receive on June 30th one share of the new AMC stock for each four shares of Cablevision that they own. Their Cablevision holdings will not change.