By Dean Seal
AMC Networks recorded a wider loss in the fourth quarter as revenue fell and it took on heavy impairment and restructuring charges.
The operator of cable channels and streaming networks posted a loss of $284.5 million, or $6.38 a share, compared with a loss of $21.8 million, or 50 cents a share, in the same quarter a year ago.
The loss included $303 million in impairment charges tied to its domestic operations and international units, and another $43 million of restructuring charges tied to content impairments and severance costs.
Stripping out one-time items, adjusted earnings were 64 cents a share. Analysts polled by FactSet had been expecting $1.05 a share.
Revenue fell 12% to $599.3 million, below analyst projections for $609 million, according to FactSet.
Subscription revenue was down 4% at $314 million from declines in linear subscribers, partially offset by higher streaming revenue.
Licensing revenue fell 30% to $67 million, while advertising revenue dropped 12% to $139 million as linear ratings declined and the advertising market place remained challenging.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 14, 2025 07:42 ET (12:42 GMT)
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