AMC Networks Inc. reported its financial results for the third quarter ended September 30, 2024, with consolidated net revenues declining 5.9% year-over-year to $599.6 million. Operating income decreased by 22.5% to $93.7 million, and Adjusted Operating Income (AOI) fell 25.8% to $131.5 million.
Despite the revenue and profit declines, the company reported Adjusted Earnings Per Share (EPS) of $0.91, which was a 50.8% decrease year-over-year but exceeded analyst consensus estimates. Free cash flow for the nine months ended September 30, 2024, reached $293 million, with CEO Kristin Dolan reiterating the goal of approximately $500 million in cumulative free cash flow over two years.
Streaming subscribers grew 5% year-over-year to 11.8 million, driving a 5% increase in streaming revenue to $152 million. However, domestic affiliate revenue decreased 13% to $164 million, and domestic advertising revenue fell 10% to $133 million, reflecting ongoing linear TV headwinds.
In a significant development, the company announced the acquisition of the remaining 50.1% of the BBC America joint-venture for $42.0 million, which closed on November 1, 2024. This move eliminates $132.9 million of redeemable noncontrolling interest and reduces future programming commitments.
The company also made partial prepayments of $43.1 million on its Term Loan A Facility during the quarter. CEO Kristin Dolan highlighted advancements in programming, partnerships, and profitability, including new and enhanced partnerships with major companies like Charter, Netflix, and Amazon.
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