Business
AMC Networks Inc. Reports Second Quarter 2020 Results
NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the second
About this update from Amc Global Media Inc.
[{"type":"text","content":"NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the second quarter ended June 30, 2020.\n President and Chief Executive Officer Josh Sapan said: “Amidst a continuing challenged and uncertain environment, AMC Networks delivered solid results in the 2nd quarter exceeding our financial expectations for the quarter and expectations on several key metrics, including advertising. We continue to maintain a strong financial profile, with a solid balance sheet and liquidity, and we continue to generate healthy levels of free cash flow. We remain focused on our strategic priorities and are making progress on our major initiatives – which include creating great content and monetizing that content across an expanding array of platforms. Last week, AMC Networks was recognized with 18 Emmy nominations, including two out of the eight nominations for Outstanding Drama, for our original series Better Call Saul and Killing Eve, demonstrating our continued ability to stand out in a crowded landscape with compelling character-driven stories that drive the cultural conversation. In addition, we have made particular progress during this COVID period with strong growth across our targeted SVOD services - Acorn TV, Shudder, Sundance Now and UMC – as consumers increasingly subscribe to both our targeted offerings in addition to general entertainment SVOD services.” Second Quarter Financial Highlights: Net revenues of $646 millionOperating income of $49 million; Adjusted Operating Income1 of $225 millionDiluted EPS of $0.28; Adjusted EPS1 of $2.39Cash Provided by Operating Activities of $227 million and Free Cash Flow1 of $210 million for the three months ended June 30, 2020 Operational Highlights: The Company continued to make significant progress on its digital initiatives:-- Targeted streaming services Acorn TV, Shudder, Sundance Now and UMC delivered impressive year-over-year growth in revenues and subscribers-- The Company launches new subscription video on demand (SVOD) bundles AMC+ and WE tv+-- The Company acquires the streaming rights to Mad Men, widely recognized as one of the most acclaimed shows in the history of TVThe Company continued to make significant progress on its advanced advertising initiatives:-- The Company joined leading advanced ad...