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Starz Earnings Up 5% In Q2

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.