Demand for shows like "Walking Dead" helps boost bottom line
AMC Networks, operator of the AMC and IFC cable networks, said net income rose handily in the third quarter on the strength of advertising sales and affiliate fees that increased thanks to original programs like “The Walking Dead” and “Breaking Bad.”
The company said net income rose to $58 million, or 80 cents a share, compared with $37 million, or 51 cents a share. Even so, the company missed analyst expectations, which had called for earnings of 86 cents a share.
AMC said overall revenue rose 19.1%, or $63 million, to $395 million. Revenue at its U.S. networks rose 20.2%, thanks to strong demand by advertisers for the company’s original programs as well as increases in fees from distributors. International revenue rose just $2 million to $31.3 million.
AMC recently announced it would purchase Chellomedia, a collection of foreign TV outlets, a move that analysts think will grow the company’s overseas business.