AMC Network posted a 23% drop in advertising for the fourth quarter as total revenue fell 30% to $679 million. The stock is down over 8% in pre-market trade after the numbers.
The company saw streaming revenue up 4% to $145 million on a stronger subscriber base and a 3% increase in streaming subscribers from the previous quarter — to 11.4 million.
AMC said the dip in ad revenues, to $158 million, was due to anticipated linear ratings declines, a challenging ad market and fewer original programming episodes within the quarter — partly offset by digital and advanced advertising revenue growth.
Total operating losses narrowed to $11 million. Free cash flow of $66 million was down sharply from $134 million in the 2022 fourth quarter.
Read more on deadline.com