AMC Networks posted a 17% decrease in domestic advertising revenue in the second quarter, preventing the company from meeting Wall Street revenue expectations.
Total revenue slipped 8% from the same quarter a year ago, coming in at $679 million. The company blamed the ad downturn as well as lower affiliate and 25/7 Media production services revenue.
The drop in advertising revenue resulted from “anticipated linear ratings declines, softness in the ad market and fewer original programming episodes within the quarter, partly offset by digital and advanced advertising revenue growth,” the company said in its earnings release.
As with Warner Bros Discovery in its quarterly report Thursday, AMC Networks saw free cash flow jump, hitting $147.6 million from $30.7 million in the same period in 2022.
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