BBC America Helps AMC Networks to Higher Profits
AMC Networks reported higher second-quarter profits, reflecting the acquisition of BBC America.
Net income rose 41% to $83 million, or $1.14 a share, from $58.7 million, or 83 cents a share, a year ago. Net revenue rose 15.1% to $601 million.
Cash flow at AMC’s national networks, which include AMC, SundanceTV, IFC, BBC America and WE tv, rose 33% to $182.6 million. Net revenue was up 22.8% to $488.6 million, due to the inclusion of BBC America. AMC acquired a 49.9% stake in BBC America last year.
Ad revenue across the networks, including BBC America, increased 13.4% to $186 million. Growth was strong at WE tv, IFC and SundanceTV, the company said.
"AMC Networks had a strong second quarter, with double-digit growth in revenues, AOCF and operating income driven by our continued focus on investing in high-quality programming," CEO Josh Sapan said in a statement. "In addition to maintaining our core content strategy, we have become more of an owner of content; we have closely aligned ourselves with a premier producer of content through our BBC American joint venture.”
Read more at broadcastingcable.com.
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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.