AMC Networks Reports $21.8 Million Q4 Loss

AMC Networks logo on a smartphone
(Image credit: Rafael Henrique/SOPA Images/LightRocket via Getty Images)

AMC Networks reported a loss in the fourth quarter amid a tough ad market and a decline in traditional distribution revenues.

Streaming revenue grew 4% to $145 million as the number of subscribers to AMC’s direct-to-consumer services rose.

The company registered a net loss of $21.8 million, or 50 cents a year, compared to a $264.7 million loss, or $6.11, a year ago, when the company took restructuring charges.

The 2024 results included a $42 million impairment charge related to BBC America, a joint venture with BBC.

Revenue fell 30% to $678.8 million.

AMC’s earnings were below analysts’ expectations, but revenue exceeded Wall Street forecasts. By day's end, AMC common stock had declined more than 15% ($2.63) to close at $14.41 per share on Nasdaq.

AMC’s domestic operations had operating income of $59.9 million, compared to a $287 million loss in the year-ago quarter. 

Domestic revenues were down 32.4% to $581.7 million. 

Advertising revenue dropped 23% to$158 million. Ratings were down partly because AMC had fewer original episodes of its series. Distribution revenues fell 35% to $582 million.

The company noted that it renewed carriage deals with Charter Communications and Dish Network.

Subscription revenue fell 8% to $327 million. 

Content licensing revenues fell 68% to $96 million.

Content licensing revenue plunged 68% to $343 million.

"In the fourth quarter and across 2023, we continued to see success in the areas that will drive this company forward — programming, partnerships and profitability,” CEO Kristin Dolan said.

“Nearly a year since joining AMC Networks as CEO, I am proud of the progress we have made in a fast-changing environment, and the new and innovative ways we are engaging with viewers and our commercial and creative partners." 

Jon Lafayette

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.