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AMC Networks Withdraws Guidance on Earnings

AMC Networks became the latest media company to withdraw its previous financial guidance in the face of the COVID-19 pandemic.

“To date, we have experienced adverse advertising sales impacts and suspended content production, which has led to delays in the creation and availability of some of our television programming,” the company said in filing with the Securities and Exchange Commission Friday.

AMC Networks said it can’t predict the duration and degree to which the supply and demand for its products and services will be affected by the crisis.

Related: ViacomCBS, Comcast Raise Billions in Cash Selling Notes

“This makes it challenging for management to estimate the future performance of our businesses, particularly over the near to medium term. However, the COVID-19 pandemic could have an adverse impact on our business, results of operations and financial condition, including during the near to medium term,” the company said, adding that in addition to withdrawing the guidance it provided during its Feb. 26 earnings call, it is not providing an update at this time.

In the filing, AMC Networks noted that it has $816 million in cash and cash equivalents on its balance sheet, and access to $500 million in revolving credit. The company has $56 million in debt maturing in 2020 and $75 million in 2021.

Over the last week, ViacomCBS and Discovery also withdrew their guidance citing uncertainty caused by the COVID-19 crisis.

Jon Lafayette
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.