AMC Networks Inc. [NASDAQ: AMCX] disclosed that it has resolved its legal battle with filmmaker Frank Darabont and the Creative Artists Agency for $200 million over the cable network owner’s long-running zombie series “The Walking Dead.” AMC has confirmed that it will pay $200 million to resolve the battle.
As per the settlement, it has been resolved Friday in an SEC filing that AMC Networks has decided to pay $143 million to resolve the suit and purchase Mr. Darabont and CAA’s current rights from the show and its spinoffs. CAA embodies Mr. Darabont. The cable channel AMC airs “The Walking Dead.”
Shares of AMC Networks plunged 0.95% as the firm has lost -0.53 during the trading session of Friday. In the past 52-weeks of the trading session, the share of the firm has fluctuated between the 52-week low and high range of $20.16 and $83.63, respectively. AMC Networks has a total market capitalization of $2.24 billion at the time of writing.
Furthermore, the payment also includes contracts not to prosecute, concealment, and waivers, among other requirements. AMC has agreed to take charge of $143 million linked to the settlement during the quarter ending June 30.
Moreover, Darabont and CAA first introduced a complaint in late 2013, when the series was among the most famous on television. Darabont and the firm had requested nearly $300 million in profit participation payouts, and the judicial process for the court case was set to launch in April 2022.