AP News

Liberty Global plans asset sale for about $1B

Liberty Global says it plans to sell nearly all of its Chellomedia international content division to AMC Networks Inc. in a deal worth about $1.04 billion.

The international cable TV and Internet provider says it plans to sell Chello Multicanal, Chello Central Europe, Chello Zone, Chello Latin America and Chello DMC as well as stakes in several joint ventures.

The assets to be sold generated about $451 million in revenue during the 12-month period that ended June 30.

The deal is expected to close in next year's first quarter.

Liberty Global PLC completed a roughly $24 billion acquisition of Virgin Media Inc. earlier this year, in a deal that created one of the world's largest providers of cable TV, Internet and phone service.

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