AMC Networks Inc. reported its financial results for the first quarter ended March 31, 2025, with consolidated net revenues declining 6.9% year-over-year to $555.2 million, missing analyst consensus estimates of $567.2 million. Diluted EPS was $0.34, down from $1.03 a year ago, and Adjusted EPS of $0.52 missed analyst projections of $0.80.
The company's overall streaming subscriber count was 10.2 million at the end of the quarter, flat year-over-year and a slight sequential decrease from 10.4 million in the previous quarter. This figure reflects an updated definition of 'streaming subscribers' that now excludes those who gain access via pay-TV or broadband bundles, such as the Charter Spectrum agreement.
Domestic Operations subscription revenue saw a modest 0.7% year-over-year decrease, as a 12.2% decline in affiliate revenues was largely offset by a 12.5% increase in streaming revenues. However, domestic advertising revenue decreased 17.8% to $122.6 million due to linear ratings declines and lower marketplace pricing.
Content licensing and other revenues surged 26.1% to $83.9 million, driven by the sale of a music catalog and fees from the Apple TV+ series 'Silo.' International segment revenues decreased 16.2% to $75.5 million, primarily due to the non-renewal of a distribution agreement in Spain in Q4 2024.
In April 2025, the company proactively repurchased $32 million principal amount of its 4.25% senior notes due 2029 through open market repurchases, achieving a $9 million discount. AMC Networks generated $94 million in free cash flow during the quarter, demonstrating continued liquidity.
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