AMC Networks said it would buy Chellomedia, the international content unit of John Malone's Liberty Global, for about $1.04 billion, giving it greater control over the global distribution of its programs.
Liberty Global said the deal would help it simplify its business and allow it to focus on its core market.
Malone, known as the "King of Cable," jumped back into the U.S. cable market earlier this year by buying a 28 percent stake in Charter Communications. Until then, he had been on a decade-long acquisition spree in Europe.
Liberty Global, the largest cable operator in Europe, was recently outmaneuvered by Vodafone in competing bids for German operator Kabel Deutschland.
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"In our view, the (Chellomedia) disposal improves Liberty's liquidity to potentially help fund acquisitions," J.P. Morgan Cazenove analyst Carl Murdock-Smith said in a research note.
AMC Networks, home to hit shows such as "Mad Men," "Breaking Bad," and "The Walking Dead," said the businesses being bought include Chello Central Europe, Chello Latin America and Chello Zone.