Why AMC Networks Stock Soared Today
Shares of AMC Networks (NASDAQ: AMCX) traded 22.8% higher at 3:25 p.m. EDT Tuesday. Merger analysis firm CTFN reported that the premium cable network operator is looking for a buyer.
Two unnamed insiders told CTFN reporter Diane Alter that AMC Networks is actively looking for a buyer, and that e-commerce giant Amazon.com (NASDAQ: AMZN) is looking into this opportunity. Earlier this week, Amazon was rumored to entertain a buyout of movie theater chain AMC Entertainment (NYSE: AMC), but Alter's sources suggest that this was a case of mistaken identity -- Amazon's real buyout idea is actually this TV studio, known for managing the Starz premium cable network and creating hit shows like Breaking Bad and The Walking Dead.
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Source Fool.com
