AMC Signs Streaming Video, Investment Agreement With RLJ

AMC Networks is lending $65 million to content distribution company RLJ Entertainment, the parent of the Acorn TV and UMC streaming services, with the money -- and support from AMC -- to help in developing and distributing RLJ content for various platforms, the two said in a news release Monday. AMC got warrants giving it the right to buy at least 50.1 percent of RLJ common stock, they said. They said with alignment of Acorn TV and UMC with AMC's cable channels and film business, the streaming services will be able to cross-promote, distribute and develop content. RLJ's founder and chairman is Bob Johnson, the founder of Black Entertainment Television who ran it for several years after Viacom acquired it.