AMC Networks reported higher profits in the third quarter as losses at its international unit shrunk.
Net income for the third-quarter rose 28% to $111 million, or $1.93 per share, from $87 million, or $1.35 per share a year ago.
Revenue rose 7.5% to $697 million. Revenue got a boost from the acquisition of Levity Entertainment Group, the company said.
AMC Networks also said it closed the acquisition of RLJ Entertainment.
“This acquisition represents a major step forward for AMC Networks as we further diversify our business through direct-to-consumer offerings that we own and control, and through our AMC Studios operation and our international channels business,” said AMC CEO Josh Sapan.
“In an evolving media and entertainment marketplace, AMC Networks continues to be very well positioned based on our size, our pricing and our strong content, which includes three of the top five dramas on ad-supported cable, and we remain the most widely available independent programmer among virtual MVPDs,” Sapan said. “In the third quarter, we delivered solid financial performance and we are on track to meet our 2018 full-year financial targets of total company revenue and adjusted operating income growth.”
Operating income for AMC’s national networks--including AMC, IFC, SundanceTV, BBC America and WEtv--rose 4.7% to $188.1 million. Revenue was up 3.5% to $560.3 million.
Distribution revenue rose 5% to $361 million. Advertising revenue rose 0.9% to $200 million as higher pricing offset lower audience delivery.
The operating loss for AMC’s international and other segment decreased 10.8% to $16.7 million. Revenue rose 34.6% to $151.8 million.
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