AMC Networks Inc. reports Q2 2024 results with strong streaming revenue growth.

From GlobeNewswire: 2024-08-09 07:00:00

AMC Networks Inc. reported sound financial results for Q2 2024, with free cash flow of $95 million. They expanded their relationship with Netflix, entered into a licensing partnership with Sky, and saw success with new streaming services. Despite a decrease in net revenues, streaming revenues increased by 9%.

Domestic Operations saw a 7% decrease in revenue to $538 million, with streaming revenues up by 9% to $150 million. Subscription revenues decreased by 3% due to a decline in linear subscribers. Operating income included a charge related to their BBCA joint venture of $29 million. Adjusted Operating Income decreased by 16% to $155 million.

International revenues decreased by 9% to $90 million in Q2. Subscription revenues fell by 13% due to the non-renewal of a distribution agreement. Advertising revenues increased by 84%, driven by a one-time adjustment payment and new streaming offerings in the UK. Adjusted Operating Income increased by 53% to $29 million.

In June 2024, the Company repurchased $15 million of its 4.25% senior notes due 2029 and retired them. They also completed an offering of $143.75 million of 4.25% convertible senior notes due 2029. Impairment and other charges in Q2 2024 totaled $97 million due to a goodwill impairment charge at AMCNI and long-lived asset impairment charges at BBCA.



Read more at GlobeNewswire:: AMC Networks Inc. Reports Second Quarter 2024 Results