AMC Networks reported higher third-quarter earnings and said it was on track to meet its goal of reaching 9 million paid subscribers for its portfolio of streaming networks.
Net income rose to $110.7 million, or $2.55 a share, from $61,6 million, or $1.17 a share a year ago
Revenues increased 25% to $810.7 million.
Operating income for AMC’s domestic operations rose 19% to $213 million as revenue rose 24.8% to $682.7 million.
Ad revenues rose 22% to $200 million because of higher prices and an increase in the number of episodes of original programming.
Subscription revenues gained 14% with increased streaming revenues. The company said the premiere of Season 11 of The Walking Dead was a top driver of subscriber acquisition and viewership on AMC Plus. Affiliate revenues were down in the low-single digit range because of a decrease in pay-TV subscribers.
Interim CEO Matt Blank said the company was raising its full-year financial guidance for revenue and adjusted operating income.
“We are building a streaming business that is sustainable and will be profitable over the long term, and with our owned IP, our library of high-quality content, and our strong legacy channels business, we have the right assets to drive growth and increase shareholder value,” Blank said.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.