Business
AMC Networks Inc. Reports Third Quarter 2020 Results
NEW YORK, Nov. 02, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third
About this update from Amc Global Media Inc.
[{"type":"text","content":"NEW YORK, Nov. 02, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2020.\n President and Chief Executive Officer Josh Sapan said: “The company delivered solid results in the 3rd quarter and we continue to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow. AMC Networks is fast becoming the global leader in SVOD services for targeted audiences, with our Acorn TV, Shudder, Sundance Now and UMC services set to exceed 4 million subscribers by year-end, outperforming our expectations. With the addition of our new AMC+ premium SVOD offering, we expect to have 5.0 to 5.5 million total SVOD subscribers, in aggregate, by the end of the year. Our strong content also continues to resonate with viewers, with AMC home to 4 of the top 6 cable dramas in 2020 among adults 25-54, including our newest series in The Walking Dead Universe, The Walking Dead: World Beyond ranking as the #1 freshman cable drama of the year.” Financial Highlights: Net revenues of $654 millionOperating income of $139 million; Adjusted Operating Income1 of $185 millionDiluted EPS of $1.17; Adjusted EPS1 of $1.32Cash Provided by Operating Activities of $219 million and Free Cash Flow1 of $203 million for the three months ended September 30, 202010.8 million shares repurchased for $251 million in October 2020 in connection with the Company’s modified Dutch auction tender offer Operational Highlights: The Company continued to make significant progress on its digital initiatives-- The Company expects 5.0 million to 5.5 million paid subscribers in aggregate by year-end 2020 for its portfolio of streaming services: including AMC+, Acorn TV, Shudder, Sundance Now, UMC and IFC Films Unlimited.-- The Company now expects in excess of 4.0 million paid subscribers in aggregate for its four SVOD services: Acorn TV, Shudder, Sundance Now and UMC by year-end 2020.-- The Company significantly expanded the distribution of AMC+, its subscription video on demand bundle, with launches on Amazon Prime and Apple TV platforms-- Shudder surpasses 1 million subscribersThe Company announced significant updates on The Walking Dead universe-- The Walking Dead will conclude with an expanded two-year eleventh seas...