AMC Networks posted strong fourth-quarter results, with total revenue rising 20% over the prior-year quarter to $964.5 million, while earnings per share jumped almost fivefold to $2.52. Wall Street…
Alfonso Bresciani/AMC
posted strong fourth-quarter results, with total revenue rising 20% over the prior-year quarter to $964.5 million, while earnings per share jumped almost fivefold to $2.52.revenue in the U.S. fell 12% to $206 million, with the company blaming the slide on lower linear ratings, softness in the broader ad market and fewer original programming episodes during the quarter.
Content licensing revenues climbed 18% to $492 million and subscription revenue grew 6% due to higher streaming revenue, as streaming subscriber growth made up for declines in the linear subscriber base. Streaming revenue shot up 35% to $502 million, with subscriber levels reaching 11.8 million. Affiliate revenue sagged 6% due to basic subscriber declines, though the drop was partly offset by contractual rate increases.
AMC Networks, which has reportedly rebuffed takeover interest from media peers and private equity firms as its market value dipped below $1 billion, has announced the layoffs of 20% of its workforce. Like other cable programmers, it is contending with the impact of cord-cutting and trying to navigate the new economic landscape of streaming.
Executives will address the quarterly results during a conference call later this morning with Wall Street analysts.
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