AMC Networks, the US multichannel programmer, has reported financial results for the third quarter ended September 30, 2019.
President and Chief Executive Officer Josh Sapan said: “AMC Networks is well on its way to strategically transforming itself from a ‘cable channels company’ into a premier content company with a suite of focused and targeted video entertainment products that are delivered to viewers on an expanding array of platforms. The underlying strategic priorities fueling our transformation have been and continue to be creating and owning great content and valuable IP, expanding our targeted direct-to-consumer services, maximising the long-term value of our traditional linear business and diversifying our revenue by developing new avenues of content monetisation.”
Third quarter net revenues increased 3.1 per cent, or $22 million (€19.7m), to $719 million over the third quarter of 2018. The increase in net revenues reflected a decrease of 0.2 per cent at National Networks and an increase of 20.5 per cent at International and Other. Operating income was $168 million, an increase of 2.3 per cent, or $4 million, versus the prior year period. The operating income increase reflected a decrease of 3 per cent at National Networks and a decrease of $5 million in operating loss at International and Other.
For the nine months ended September 30th 2019, net revenues increased 3.5 per cent, or $76 million, to $2.275 billion, operating income decreased 1.1 per cent, or $6 million, to $584 million, and adjusted operating income increased 4.3 per cent, or $31 million, to $744 million.