AMC Networks said profit in the third quarter fell after revenue at the company’s U.S. cable networks fell amid the effects of the coronavirus pandemic

The New York-based company said it had net income of $1.17 per share, or $61.6 million, compared with $2.07 per share, or $116.9 million in the year-earlier period.

The owner of the AMC, WE, IFC and Sundance cable networks said revenue tumbled 9%, to $654 million from $718.6 million, largely due to its U.S. cable outlets, which saw distribution revenue tumble by 18.3% and advertising fall by 15.5% AMC cited the ad shortfall to a delay in the airing of original programming. The company also noted it took a $20 million charge related to the write-off of programming assets, though it did not disclose the specific content in question.

Media Earnings

Like other media companies, AMC Networks highlighted consumer interest in its streaming assets. The company said it expects between 5 million and 5.5 million paid subscribers by the end of the year for its streaming-video services, which include AMC+, Shudder and Sundance, with Shudder, a service that specializes in horror content, already winning 1 million subscribers.

AMC Networks said revenue at its international  and other operations rose 9% as more subscribed to its streaming-video services.

In a statement, AMC Networks CEO Josh Sapan said the company continues “to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow.”