Starz Earnings Up 5% In Q2

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Starz reported higher earnings in the second quarter, despite a sharp revenue retreat.

Net income rose 5% to $69 million, or 62 cents a share, from $66 million, or 52 cents a share a year ago.

Revenue fell 21% to $410.1 million from $517 million a year ago, because of a big drop in home video sales

"Our business performed well in the second quarter as we executed on our long-term strategy to build the Starz brand and create compelling original programming," Starz CEO, Chris Albrecht said in a statement. "We are pleased with the Starz original programming schedule, which is gaining meaningful traction with audiences and our distributors.”

The company said it had 22 million subscribers for its Starz network, up from 21.8 million a year ago, while subscribers to Encore slipped to 33.9 million from 35.1 million.

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.