AMC Networks & BBC America logos
AMC Networks (Nasdaq: AMCX) reported 3rd quarter earnings of $94 million and revenues of $600 million, down 6% from the previous year. Meanwhile, the number of streaming subscribers inched up by 200,000 to reach 11.8 million.
During the quarter, which ran July 1-Sept. 30, content licensing revenues were up 31% year over year at AMC Networks to $81 million, an increase mainly attributed to AMC’s licensing deal with Netflix (Nasdaq: NFLX). AMC Networks’ subscription revenue dropped 5% overall while streaming revenue increased by 7%.
The company also disclosed that it had acquired the remaining 50.1% of the channel from BBC Studios for $42 million in cash. AMC Networks has owned a 49.9% stake in BBC America since 2014 when the stake was purchased for $200 million. BBC America is known for its series such as Killing Eve, Doctor Who, Planet Earth and Antique Roadshow.
“We now own 100% of the iconic channel with full operational control, and look forward to what the future holds,” said AMC Networks CFO Patrick O’Connell during the company’s third quarter earnings call for 2024.
AMC Networks is trading at about $8.80 a share, down almost 55% year-to-date.
