AMC Networks reported double-digit declines in advertising and affiliate revenue in the third quarter, which dragged down its overall results.
The cable and streaming programmer posted adjusted earnings per share of $1.85, which was down from $2.09 a year ago but still ahead of Wall Street analysts’ consensus estimate.
Revenue, though, did not clear the Street’s bar, falling nearly 7% to $637 million. Advertising revenue came in at $147 million, with the earnings release blaming the 18% drop on “anticipated linear ratings declines, a challenging ad market and fewer original programming episodes within the quarter.” Affiliate revenue decreased 13%, with the company blaming basic subscriber declines and a 3% hit to revenue from a strategic non-renewal with a distributor at the end of 2022.
Streaming provided somewhat of a bright spot, but growth was muted. AMC Networks operates a portfolio of niche services, so it is playing a different game than larger media rivals backing general entertainment streamers, but nevertheless the road is challenging.
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.