AMC Networks Posts 22% Jump in Streaming Subscribers in Q1
thewrap.comtook a $403.8 million write-off related to content costs, contributing to a large loss in the quarter.“AMC Networks has always been known for great content that breaks through in popular culture, receives critical acclaim and engages fans.
In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem,” Dolan said in a statement. “While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization.”“These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio,” she continued. “We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximize shareholder value.”AMC has said it does not expect the ongoing Hollywood writers’ strike to affect production of shows including a “Walking Dead” spin-off and a new series based on Anne Rice’s “Interview With the Vampire” books.More to come….
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