Bytes is back in the news with the announcement that it is selling AMC stock to rival company TSN in a deal worth $7 million.
The deal is worth $15 million to AMC and TSN and it will be used to build new content and new products that TSN will make available for the TV industry, a source close to the talks told CNBC.
The news comes as AMC shares jumped as much as 1,000% in early trading on Wednesday.
AMC is the second largest seller of AMC stock in the US, after CBS.TSN is expected to launch a new standalone streaming service this fall, with TSM, a cable channel owned by TSN, and AMC’s other cable channels also on the way.
In January, AMC had said it planned to add several channels to the service.
Tsn will also be adding the TV network SportsNet USA to its streaming offerings.
The acquisition comes after TSN was sold to Time Warner earlier this year.
AMC was also a target of Disney, which also owned the cable channel.