AMC Networks reported a loss in the fourth quarter amid a tough ad market and a decline in traditional distribution revenues.
Streaming revenue grew 4% to $145 million as the number of subscribers to AMC’s direct-to-consumer services rose.
The company registered a net loss of $21.8 million, or 50 cents a year, compared to a $264.7 million loss, or $6.11, a year ago, when the company took restructuring charges.
The 2024 results included a $42 million impairment charge related to BBC America, a joint venture with BBC.
Revenue fell 30% to $678.8 million.
AMC’s earnings were below analysts’ expectations, but revenue exceeded Wall Street forecasts. By day's end, AMC common stock had declined more than 15% ($2.63) to close at $14.41 per share on Nasdaq.
AMC’s domestic operations had operating income of $59.9 million, compared to a $287 million loss in the year-ago quarter.
Domestic revenues were down 32.4% to $581.7 million.
Advertising revenue dropped 23% to$158 million. Ratings were down partly because AMC had fewer original episodes of its series. Distribution revenues fell 35% to $582 million.
The company noted that it renewed carriage deals with Charter Communications and Dish Network.
Subscription revenue fell 8% to $327 million.
Content licensing revenues fell 68% to $96 million.
Content licensing revenue plunged 68% to $343 million.
"In the fourth quarter and across 2023, we continued to see success in the areas that will drive this company forward — programming, partnerships and profitability,” CEO Kristin Dolan said.
“Nearly a year since joining AMC Networks as CEO, I am proud of the progress we have made in a fast-changing environment, and the new and innovative ways we are engaging with viewers and our commercial and creative partners."
