AMC Networks Q3 Results Hit By Drops In Advertising And Affiliate Revenue
deadline.comAMC 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.
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