AMC Networks said second-quarter profit rose 3% as the owner of cable networks like AMC and IFC narrowed operating losses at its international operations.
The New York company said net income came to $106 million, or $1.82 a share, compared with $103 million, or $1.54, in the year-earlier period. Revenue, meanwhile rose 7.2% to $761.3 million from $710.5 million.
Operating income rose 9%, owing in part to a decrease of 63.7% in operating loss at the company’s international operations. Operating income at the company’s U.S. networks fell by 0.8%.
In prepared comments, AMC Networks CEO Josh Sapan said the company was eager to increase “our interests in ad-free direct-to-consumer businesses that we own and
control,”as well as through owning more of its content.
Earlier this week, AMC completed an agreement to purchase RLJ Entertainment, Robert L. Johnson’s over-the-top video company, under which it will pay $65 million in cash for shares the cable programmer didn’t already own. RLJ operates two internet video subscription services: Acorn TV, which features British television and film content, and UMC (Urban Movie Channel).
(Above, pictured): Josh Sapan