AMC Networks Takes $269 Million Balance-Sheet Hit for Drop in U.S. Cable Channel Values as Streaming Subscribers Cross 12 Million

variety.com:

Jennifer Maas TV Business Writer AMC Networks reported its fourth-quarter 2024 earnings Friday, revealing a $268.7 million devaluation of the media company’s U.S.

cable channel business, which consists of AMC, BBC America, IFC, SundanceTV, WE tv and IFC Films. At the same time, the company says AMC Networks’ U.S.

streaming revenue increased 8% between October and December. The company’s total combined streaming subscribers reached 12.4 million by the end of the year, which counts customers across AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE.

For the full year, AMC Networks took a total of $399.5 million in impairment and other charges, including the above-mentioned $268.7 million goodwill charge for domestic operations, as well as $102 million charge for international division AMCNI and $29.2 million for long-lived asset impairment charges at BBC America, which AMC Networks acquired in full in November.