×

Lawsuit Settlement Helps Drive AMC Profits

Operating income up by $41 million

Boosted by its settlement with Dish Network, operating income from AMC Networks more than doubled last quarter to $137 million, up from $41 million in the same period last year.

Net revenues at networks IFC, AMC, WeTV and the Sundance Channel rose 15.8% to $379 million, up from $327 million in the second quarter of last year.

“Our original programming continues to fuel the performance of our networks and underpin the Company’s growth,” AMC president and COO Josh Sapan said in a statement Thursday.

In October, AMC settled a lawsuit with Dish Network over now-defunct satellite service VOOM that contributed $133 million to the former’s bottom line.

But even with its settlement, AMC slightly missed some expectations, with some analysts having projected higher EBITDA margins (Ben Mogil of Stifel wrote that AMC’s EBITDA margin of 41% missed his projection by 1%).

AMC execs also hailed its original programming initiatives including “Walking Dead” during a call with analysts Thursday morning.

“We hope that zombies really do live either forever, or for (a) decade,” president and CEO Josh Sapan joked during the call.

But all jokes aside, AMC EVP and CFO Sean Sullivan said that “viewer migration from broadcast to cable continues to benefit amc,” and that this year’s upfronts marked the first time that AMC sold ad inventory for all four networks at one time.

More TV

  • T-Pain, Faheem Rashad Najm. T-Pain performs

    TV News Roundup: 'T-Pain's School of Business' Sets August Premiere

    In today’s roundup, “T-Pain’s School of Business” sets an August 6 premiere on Fuse, and OWN greenlights a new talks series. EXECUTIVE NEWS Matt Brodlie is leaving his role as director of original film at Netflix to join the Disney+ content marketing team as senior vice president of international content development. In his new role, [...]

  • Songs for Screens Powered by Mac

    Songs For Screens: Labrinth on Scoring HBO’s Drake-Produced Drama 'Euphoria'

    British singer-songwriter Labrinth (née Timothy Lee McKenzie) has been having one of the biggest years of his nearly decade-long career, from the April release of his collaborative album with L.S.D. (a.k.a. Labrinth Sia & Diplo) to his starring role in the latest campaign for MINI, where he reinterprets Cole Porter’s cowboy classic “Don’t Fence Me [...]

  • The Office

    'The Office' to Stream Exclusively on NBCUniversal Service Beginning in 2021

    NBCUniversal announced Tuesday that it will begin streaming “The Office” exclusively on its standalone streaming service beginning in 2021. The popular comedy series will leave Netflix once the current deal with NBCU expires at the end of 2020, the same year that NBCU plans to launch its ad-supported streaming service. All nine seasons of the [...]

  • 'Lincoln Lawyer' Series in Development at

    'Lincoln Lawyer' Series in Development at CBS from David E. Kelley

    David E. Kelley is returning once more to the court of legal dramas. CBS has issued a series production commitment for “The Lincoln Lawyer,” with Kelley in position to pen and executive produce. Based on the series of bestselling novels by Michael Connelly, the show hails from A+E Studios in association with CBS TV Studios. [...]

  • Patrick Somerville'Maniac' TV Show premiere, London,

    'Maniac' Creator to Helm 'Made for Love,' 'Station Eleven' for WarnerMedia

    “Maniac” creator Patrick Somerville has signed on to helm two new series, “Made for Love” and “Station Eleven,” for WarnerMedia’s upcoming streaming service. “Made for Love,” which will be executive produced and directed by S.J. Clarkson, is a 10-episode, straight-to-series adaptation based on the novel of the same name by Alissa Nutting. The half-hour comedy [...]

  • Naomi Watts and Gretchen Carlson'The Loudest

    ‘The Loudest Voice’ Stars Naomi Watts, Russell Crowe Talk Roger Ailes

    Roger Ailes may have been the force behind the creation of Fox News, but the late newsman’s legacy will forever be his atrocious sexual harassment of several of the network’s female anchors and producers. Showtime premiered its new limited series “The Loudest Voice,” which chronicles Ailes’ rise and fall, on Monday night at the Paris [...]

  • Steve McQueen VSS

    Amazon to Launch Steve McQueen's Anthology Series ‘Small Axe’ in the U.S.

    Amazon has boarded “Small Axe,” the upcoming anthology series from “12 Years a Slave” director Steve McQueen, and will launch the series in the U.S. It will bow on the BBC in the U.K. and BBC Studios is selling it internationally. Amazon’s European content chief Georgia Brown revealed its involvement in the series, Tuesday, at [...]

More From Our Brands

Access exclusive content