Business
AMC Networks Inc. Reports Second Quarter 2023 Results
NEW YORK, Aug. 04, 2023 (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, 2023 (GLOBE NEWSWIRE) -- AMC Networks Inc. (\"AMC Networks\" or the \"Company\") (NASDAQ: AMCX) today reported financial results for the second quarter ended June 30, 2023. Chief Executive Officer Kristin Dolan said: \"Six months into my tenure as CEO, I am impressed with our team’s ability to do what this company has always done best: produce high-quality content and make it available to viewers across an expanding array of platforms. We accomplish this through a measured, opportunistic and disciplined strategy that drives free cash flow. Even during a period of industry-wide uncertainty and change, we are seeing the benefits of our strategy play out in our financial results, which for the second quarter include year-over-year increases in free cash, streaming subscribers, and streaming revenue, as well as healthy margins. It’s clear we have the programming, the platforms and the partners necessary to continue to operate a very profitable business that delivers long-term shareholder value.\" Operational Highlights: Premiered The Walking Dead: Dead City, the #1 season premiere in the history of AMC+ in terms of viewership across all new and returning series. Linear viewership for the first episode attracted a total premiere audience of 2 million viewers.Announced upcoming September 10 premiere of The Walking Dead: Daryl Dixon, which is set in France.Completed production of The Walking Dead: The Ones Who Live, which is focused on the iconic Rick and Michonne characters, and is slated to premiere in 2024.AMC, BBC AMERICA, IFC, Sundance TV, and WE tv launched on Comcast's NOW TV, a new and innovative streaming offering that includes 40+ live channels and 20+ integrated FAST channels.Launched AMC+ on Charter, making our streaming service available to Spectrum TV customers through the set-top box.Negotiated the early return of rights for acclaimed and popular AMC Networks library titles including Fear the Walking Dead, Killing Eve, Brockmire, The Terror, The Son, Preacher, Lodge 49 and others. Began exclusively streaming the first seven seasons of Fear the Walking Dead on AMC+ in July. Financial Highlights – Second Quarter Ended June 30, 2023: Net revenues decreased 8% from the prior year to $679 million, largely driven by lower advertising revenues, domestic affiliate revenues and 25/7 Media production services re...