Media

AMC to buy Liberty Global’s Chellomedia

Suddenly, AMC Networks, the home of “Breaking Bad,” doesn’t look like a good takeover target.

The company, which owns cable channels AMC, WE, IFC and Sundance, announced a deal on Monday to acquire Chellomedia, the international arm of John Malone’s Liberty Media, for $1.04 billion.

Chellomedia runs broad-based entertainment channels carrying CBS, A&E’s History Channel and MGM branding. They’re now joint-venture partners with AMC Networks.

The deal gives US-based AMC Networks a sizable global footprint, but it also makes the relatively small cable programmer tougher for a big media rival to swallow.

Ironically, CBS Corp. has been floated as a possible acquirer of AMC Networks.

While AMC boasts hit original shows such as “Mad Men” and “The Walking Dead,” the pressure to refresh its slate had sparked speculation that the company, run by Josh Sapan, was ripe for a takeover.

“This deal significantly diversifies AMCX and gives them exposure to the most important growth driver in media,” Todd Juenger, an entertainment analyst at Bernstein Research, wrote in a research note.

“It also means slower overall growth, more financial risk, and AMCX becomes harder to acquire.”

Shares of AMC Networks fell less than 1 percent, or 46 cents, to $69.90. The stock has risen 41 percent year-to-date.