AMC Networks, in a pair of SEC filings Tuesday, said cable pioneer and family patriarch Charles Dolan, is stepping down as executive chairman of its board of directors and that it’s planning to buy back up to $250 million in stock
Charles Dolan will become chairman emeritus. His son James Dolan will become non-executive chairman of the board.
The elder Dolan, 93, was a founder of HBO and created Cablevision, one of the nation’s largest cable operators that was sold to Altice in 2017. AMC Networks had been spun out from Cablevision into a separate public company in 2011.
AMC Networks announced earlier today that its chief financial officer Sean Sullivan is leaving next month — he’ll be jumping to SiriusXM as CFO.
Separately, AMC said that Wednesday it will launch a tender offer to purchase up to $250 million of Class A common stock between $26.50 and $22.50. The shares, which closed lower Tuesday, jumped nearly 17% in late trading on the news. Wall Street loves stock buybacks, which create demand for the stock, reduce the number of shares outstanding, and boost 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,” said CEO Josh Sapan.
On the Dolans, he said 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.”