AMC Networks Takes $97 Million Hit to Balance Sheet in Q2 on Devaluation of International Business, BBC America
variety.comJennifer Maas TV Business Writer AMC Networks reported its second-quarter 2024 earnings Friday, revealing a $97 million hit to its balance sheet, including a $68 million goodwill impairment charge at the international division following the sale of 25/7 Media and a $29 million long-lived asset impairment charge at BBC America, a joint venture with BBC Studios.
The quarter also saw U.S. ad sales drop 11% to $149 million, but a slight increase in streaming subscribers to AMC Networks’ platforms from 11.5 million at the end of the previous quarter to 11.6 million.
AMC Networks’ streaming platforms include AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. Those digital offerings are in addition to the company’s linear channels AMC, BBC America, IFC, SundanceTV, WE tv and IFC Films.
Content licensing revenues were down 18% year over year at AMC Networks to $67 million. Subscription revenues drop 3% overall, while streaming revenue jumped 9% to $150 million with a price increase.
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