AMC Networks emerged from a second quarter that was less than kind but could have been much worse. Net income tumbled to $15 million ($.28 per diluted share) from $129 million ($2.25 per diluted share) in the year-ago Q2.
But even as cord cutting continued to eat into its traditional carriage, the New York firm professed optimism in its advertising and streaming businesses.
It highlighted non-GAAP figures predominantly reflecting a $130 million impairment charge on AMC Networks International; its adjusted earnings per share hit $2.39, still a drop from the previous quarters $2.60 but close to double Zacks Equity Researchs estimate of $1.26 per share.
Webinar: Remote Post Production In The Cloud
Video production companies across the world have traditionally been tethered to physical facilities, but with the advent of covid-19, remote post production capabilities are more important than ever. Join this webinar to learn more about how video producers can utilize Google Cloud infrastructure, along with partner applications, to develop a remote post production suite that brings your artists and editors together, no matter where they are.
This is obviously a time of great transition, CEO Josh Sapan said on the earnings call Tuesday morning. We continue to maintain a strong financial profile, with a solid balance sheet and very good liquidity, and we continue to generate healthy levels of free cash flow.
The novel-coronavirus pandemic continues to wreak havoc with AMCs operations, but the company now hopes to resume series production starting in late August with Fear the Walking Dead, to be followed by multiple other production starts and resumptions in the fall.
Traditional pay TV also remains a drag, especially the satellite services that cant sell competitive broadband to their subscribers and so see the biggest damage from cord cutting. But AMC executives emphasized the success of its ventures into standalone streaming services and reiterated previous forecasts that they would hit 3.5 to 4 million subscribers by the end of the year.
Several years ago, we saw that commercial-free subscription video on demand services would be ascendant, Sapan said of AMCs Acorn TV, Shudder, Sundance Now and UMC (Urban Movie Channel). We dont need tens of millions of subscribers for it to be a meaningful contributor to our business.
Noting that more than 80% of subscribers to those services also subscribe to one other general-purpose streaming service, he added We are not competitive with the large services, we are compatible with them.
AMC is now expanding distribution of yet another streaming service, the ad-free AMC+, having just expanded its availability from Comcasts Xfinity TV and Xfinity Flex platforms (where its $4.99 a month) to Dish Network and its Sling TV service (where its $6.99). Comcast is also carrying its $4.99/month WE tv+.
RELATED:AMC+ streaming service arrives on Dish Network, Sling TV
But at the same time, viewers who dont mind ads but do reject paying another subscription can watch ad-supported AMC content on Pluto TV and Dishs Sling Free.
It is early days, Chief Operating Officer Ed Carroll said of that last venture. We do see it rolling into our revenue now, but it is early days.
Advertising revenue dropped by 14.6% in Q2, although AMC executives voiced optimism about developing ventures into addressable advertising that include joining the Comcast-Cox-Charter On Addressability project.
We anticipate third quarter advertising revenue to be down in the mid to high teens year over year, said AMC Networks Chief Financial Officer Sean Sullivan. But Carroll warned later that the Mad Men (and women) of the advertising industry themselves arent clear on business prospects.
Not all of their clients have revealed what their budgets will be, he said. We just dont have tremendous visibility right now.
The rest is here:
AMC professes confidence in streaming, advertising - FierceVideo
- The Walking Dead: Season 11 | Rotten Tomatoes - April 22nd, 2024
- About The Walking Dead | News, Bios and Photos | AMC - April 22nd, 2024
- How to Recreate the Most Iconic Location From The Walking Dead in 3D - 80.lv - April 22nd, 2024
- The Walking Dead: Daryl Dixon: The Book of Carol Sets Tribeca Debut - Bleeding Cool News - April 22nd, 2024
- The Walking Dead star joins Superman movie in major role - Digital Spy - April 22nd, 2024
- Rick Grimes' Ending Finally Honored The Big Promise Walking Dead Made In Season 5 - Screen Rant - April 21st, 2024
- When Will 'The Walking Dead: Daryl Dixon' Season 2 Premiere? - UPROXX - April 21st, 2024
- The Surprising Reason HBO Turned Down 'The Walking Dead' - Collider - April 21st, 2024
- "You Really Have to Consider What He's Been Through": Walking Dead Creator Admits It's Hard to Root for Rick, But ... - Screen Rant - April 21st, 2024
- Robert Kirkman: The Walking Dead Animated Series Can't Happen "Until I Get the Rights Back From AMC" - ComicBook.com - April 21st, 2024
- Morgan Jones' Got The Sendoff He Deserved On Fear The Walking Dead - CBR - Comic Book Resources - April 21st, 2024
- The Walking Dead Animated Series Happening Depends On One Important Thing - GameRant - April 21st, 2024
- Robert Kirkman Says The Walking Dead Animated Series Can Only Happen Under One Condition - MovieWeb - April 21st, 2024
- Daryl Dixon season 2 could make the Walking Dead universe even better here's why - Tom's Guide - April 21st, 2024
- 7 New Walking Dead Villains That Could Replace The CRM - Screen Rant - April 21st, 2024
- The Walking Dead: The Ones Who Live Fails Rick Grimes and Here Are All the Reasons Why He Deserves A Better Fate - Hollywood.com - April 21st, 2024
- The Walking Dead: The Ones Who Live Is a Reckoning of Hope - Reactor - April 21st, 2024
- The Walking Dead's Robert Kirkman Shares What's Holding Back the Planned Animated Series - CBR - Comic Book Resources - April 21st, 2024
- The Walking Dead Crossover Plans Now Face A Huge Obstacle Thanks To Rick Grimes - Screen Rant - April 21st, 2024
- Behind the scenes as 'Dead City' films in Taunton We talked to zombie, caterer and more - Taunton Daily Gazette - April 21st, 2024
- Die creators Kieron Gillen and Stephanie Hans' new original graphic novel is a cross between The Walking Dead and ... - Gamesradar - April 21st, 2024
- 'The Walking Dead: Daryl Dixon' Season 2 and 'Presumed Innocent' Headline the 2024 Tribeca Festival TV Lineup - Collider - April 21st, 2024
- The Walking Dead creator Robert Kirkman wants an animated show, but there's one issue - Winter is Coming - April 21st, 2024
- The Walking Dead Crossover Plans Now Face A Huge Obstacle Thanks To Rick Grimes - imdb - April 21st, 2024
- Tom Payne and Wife Jennifer kerman Welcome Twins (Exclusive) - PEOPLE - April 21st, 2024
- The Walking Dead: The Ones Who Live Episode 5 Trailer - ComicBook.com - March 24th, 2024
- What The Song Means In The Walking Dead: The Ones Who Live Episode 4 (Does It Reveal The Ending?) - Screen Rant - March 24th, 2024
- Invincible Season 2 Is Avoiding A Problem That Nearly Killed The Walking Dead - Screen Rant - March 24th, 2024
- Invincible Season 2 Has A Walking Dead Easter Egg You Might Have Missed - Looper - March 24th, 2024
- The Walking Dead: The Ones Who Live Episode 4 Review What We - Den of Geek - March 24th, 2024
- 'The Walking Dead: The Ones Who Live' Episode 4 Recap: It's Rick, Michonne, and Carl? - Collider - March 24th, 2024
- The Walking Dead Includes a Rare Sex Scene on The Ones Who Live: 'It Is About Pain,' Says Andrew Lincoln - PEOPLE - March 24th, 2024
- Daryl Dixon Season 2 Release, Cast & Everything We Know - The Direct - March 24th, 2024
- The Ones Who Live Episodes 5 & 6 Get Ominous Tease From Walking Dead EP - Screen Rant - March 24th, 2024
- TWD The Ones Who Live Episode 5 Trailer: Rick & Michonne Find Trouble Escaping - Screen Rant - March 24th, 2024
- Does Rick Leave the CRM on The Ones Who Live? - CBR - Comic Book Resources - March 24th, 2024
- Into The Kirkmanverse? Invincible Teases A Major Connection To The Walking Dead - Screen Rant - March 24th, 2024
- The Ones Who Live Pulled a Bait-and-Switch on Walking Dead Fans, But It Works - CBR - Comic Book Resources - March 24th, 2024
- Well, That Was The Walking Dead's Raunchiest Episode Since The Show Began In 2010 - Screen Rant - March 24th, 2024
- Invincible x The Walking Dead Crossover is Now Likelier Than Ever Due to This Season 2 Character - imdb - March 24th, 2024
- The Walking Dead: The Ones Who Live episode 5 - Release date & time, where to watch, and more - Sportskeeda - March 24th, 2024
- Rick Grimes Just Massively Insulted Lori, 12 Years After Her Walking Dead Exit - Screen Rant - March 24th, 2024
- The Walking Dead: The Ones Who Live Ep. 4 Review: "What We" Needed - Bleeding Cool News - March 24th, 2024
- I Asked AI What TV Characters Who Died Too Soon Would Look Like If They Still Alive Today - BuzzFeed - March 24th, 2024
- The Walking Dead: The Ones Who Live Rick has a tough decision to make in "What We" - Winter is Coming - March 24th, 2024
- The Walking Dead: The Ones Who Live - A Testament to Survival and Humanity - Age Of The Nerd - March 16th, 2024
- Which Side Thorne Is On In The Walking Dead: The Ones Who Live? Why She Tries To Shoot Michonne Explained - Screen Rant - March 16th, 2024
- Where The CRM's New US Mountain Base Is Located In The Walking Dead - Screen Rant - March 16th, 2024
- The Ones Who Live Season 2 Gets Cryptic Tease From Walking Dead Showrunner - Screen Rant - March 16th, 2024
- The Ones Who Live Theory: The CRM's Echelon Briefing May Have Sinister Plans - CBR - Comic Book Resources - March 16th, 2024
- What Would Happen To The Walking Dead's Main Group If The CRM Found Alexandria - Screen Rant - March 16th, 2024
- Predicting The CRM's 500-Year Plan In The Walking Dead - Screen Rant - March 16th, 2024
- Walking Dead's Creator Admits 1 Criticism of the Franchise Is 100% True - IMDb - March 16th, 2024
- The Walking Dead: The Ones Who Live Episode 3 Clip Shows Rick Trying To Make A Deal With Jadis - Screen Rant - March 16th, 2024
- The Walking Dead: The Ones Who Live leaves us on the edge of our seats in Episode 3 - Winter is Coming - March 16th, 2024
- The Ones Who Live's Villain Just Nailed Rick Grimes' Entire Walking Dead Story With One Line - Screen Rant - March 16th, 2024
- The Best Horror Games Where Your Choices Matter - TheGamer - March 16th, 2024
- 'The Ones Who Live' Showrunner Wants to Keep Future Plans Open - Collider - March 16th, 2024
- The Walking Dead: The Ones Who Live Star Addresses Shocking Return (Exclusive) - ComicBook.com - March 16th, 2024
- Five Thoughts On The Walking Dead: The Ones Who Live's Bye - Multiversity Comics - March 16th, 2024
- Walking Dead: Ones Who Live Star Explains Why Jadis Is Loyal To The CRM - Screen Rant - March 16th, 2024
- Pollyanna McIntosh Breaks Down Jadis' Return In The Walking Dead: The Ones Who Live - Screen Rant - March 16th, 2024
- Walking Dead's Danai Gurira on the "big question mark" in The Ones Who Live - Digital Spy - March 16th, 2024
- A Major General Beale Clue Supports 1 Exciting Walking Dead: The Ones Who Live Ending Theory - Screen Rant - March 16th, 2024
- The Walking Dead: The Ones Who Live Tests A Time-Honored Relationship - SlashFilm - March 16th, 2024
- The Walking Dead Makes 1 Important Change To Rick Losing His Hand In The Ones Who Live - Screen Rant - March 8th, 2024
- 'A's and 'B's: How 'The Ones Who Live' Solves A 'Walking Dead' Mystery - TV Insider - March 8th, 2024
- The Walking Dead Explains A Mystery From Season 10 (Then Immediately Ruins It) - Screen Rant - March 8th, 2024
- 'The Ones Who Live' Pulls Off a Feat 'The Walking Dead' Failed For Years to Accomplish - Pajiba Entertainment News - March 8th, 2024
- The Ones Who Live Just Introduced The Walking Dead's Most Impressive Zombie Weapons Yet - Screen Rant - March 8th, 2024
- The Walking Dead: The Ones Who Live Episode 2 Review Gone - Den of Geek - March 8th, 2024
- What keeps "The Walking Dead" moving forward? Showrunner Scott Gimple insists "love is the fuel" - Salon - March 8th, 2024
- Rick and Michonne's 'The Walking Dead: The Ones Who Live' Reunion Isn't What We Expected - Collider - March 8th, 2024
- The Ones Who Live Is Subtly Teasing A Major Walking Dead Character Cameo - Screen Rant - March 8th, 2024
- The Walking Dead: The Ones Who Live Episode 1 Twist Explained - TheWrap - March 8th, 2024
- How Well Do You Know the Cast of 'The Walking Dead: The Ones Who Live'? - Collider - March 8th, 2024
- The Walking Dead: The Ones Who Live Stakes Out AMCs Best Premiere Viewership In 6 Years - Deadline - March 8th, 2024
- Andrew Lincoln On Scaring Jon Bernthal And Makeup On The Walking Dead' - UPROXX - March 8th, 2024
- Will There Be 'The Walking Dead: The Ones Who Live' Season 2? The Stars Weigh In. - The Mary Sue - March 8th, 2024
- INTERVIEW: TWD: The Ones Who Live's Matthew August Jeffers on "Terrifying" Plot Twist - CBR - Comic Book Resources - March 8th, 2024
Reviewed and Recommended by Erik Baquero