AMC Networks has reported financial results for the full year and fourth quarter ended December 31st 2016.
President and Chief Executive Officer Josh Sapan said: “2016 was a successful year for our company both financially and operationally, driven by our disciplined and focused strategy of investing in high-quality content and creating brands that have strong, growing, passionate and engaged audiences. The Walking Dead remains the #1 show on television by a wide margin and is a powerful example of programming that we own and distribute that commands a loyal audience, attracts advertising revenue, and has significant ancillary revenues that will benefit our business for years to come. With a rapidly expanding studio business, we now have a growing portfolio of shows that we own that provide this kind of opportunity for our business. In addition, we are embracing changing viewing habits by making strategic investments in streaming services that fit well with our programming and the audiences at our network brands. As we look ahead in 2017, we see a number of attractive growth opportunities for our businesses and remain committed to delivering meaningful value to our shareholders.”
Fourth Quarter Results
Fourth quarter net revenues increased 7.5 per cent, or $51 million, to $730 million over the fourth quarter of 2016. The increase in net revenues reflected 9.2 per cent growth at National Networks and a decrease of $1 million at International and Other.
Full Year Results
Full year 2016 net revenues increased 6.8 per cent, or $175 million, to $2.756 billion over full year 2015, reflecting 8.2 per cent growth at National Networks and an increase of $7 million at International and Other. Operating income was $658 million, a decrease of 7.3%, or $52 million versus the prior year period.