Welcome to our dedicated page for AMC Global Media news (Ticker: AMCX), a resource for investors and traders seeking the latest updates and insights on AMC Global Media stock.
AMC Global Media Inc. reports developments across a portfolio of targeted streaming services, cable networks, studio production and film distribution. The company’s news centers on services including AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; networks including AMC, BBC AMERICA, IFC, SundanceTV and We TV; and original franchises produced through AMC Studios.
Recurring updates include quarterly results, streaming revenue trends, distribution and affiliate agreements, new series launches and renewals, franchise licensing, partner-platform availability, and capital-structure actions such as senior secured note exchanges, indenture consents and debt redemptions.
AMC Networks announced a public offering of $1 billion in 4.25% Senior Notes due 2029. The offering is expected to close on February 8, 2021. Proceeds will be used to redeem $400 million of 4.75% Senior Notes due December 2022 at 100% redemption price and $600 million of 5.00% Senior Notes due April 2024 at a 102.5% redemption price. The registration statement for the offering has been filed with the SEC, and multiple financial institutions will act as joint book-running managers.
AMC Networks has announced a proposed public offering of $500 million in Senior Notes due 2029. The proceeds will be used to redeem $400 million of the 4.75% Senior Notes due December 2022 and $100 million of the 5.00% Senior Notes due April 2024. This offering is part of a preliminary prospectus filed with the SEC. Notably, the offering will only occur through specified prospectus documents, and this announcement is not a solicitation for sales of securities.
AMC Networks has appointed Christina Spade as Executive Vice President, Chief Financial Officer, effective January 15, 2021. Spade brings extensive experience from ViacomCBS, where she oversaw all financial operations. She replaces Sean Sullivan, who stepped down in October 2020. Spade is expected to drive financial operations and support the company's streaming business growth. AMC Networks operates several acclaimed brands and streaming services, known for quality content like The Walking Dead and Better Call Saul.
AMC Networks has announced that Seth Zaslow, a key figure in its investor relations, will depart at the end of the year. Nicholas Seibert, currently the VP of Corporate Development, will take over the investor relations role. Zaslow joined AMC Networks in 2011 and significantly contributed to its investor relations since the company's spin-off from Cablevision. Seibert, who joined in 2017, brings experience from GAMCO Investors and Bank of America Merrill Lynch. The company continues to focus on its growth strategy with seasoned leaders.
AMC Networks reported its third quarter financial results for 2020, with net revenues at $654 million, a 9% decline year-over-year. Operating income fell 17.2% to $139 million, and net income dropped to $62 million from $117 million in 2019. Despite these challenges, the company anticipates 4 million+ subscribers for its SVOD services by year-end and plans to reach 5.5 million with the addition of AMC+. The impact of COVID-19 affected advertising sales and production schedules, yet liquidity remains strong with $219 million in operating cash flow and $203 million in free cash flow reported.
AMC Networks will host a conference call on November 2, 2020, at 8:30 a.m. Eastern Time to discuss its third quarter 2020 results. The call will be accessible via the company’s website and by phone at 877-347-9170 using conference ID 1572997. A recording will be available after the call for those who cannot attend, with replays accessible until November 9, 2020. AMC Networks, known for its innovative storytelling, operates popular TV brands including AMC, BBC America, and SundanceTV.
AMC Networks has completed its modified Dutch auction tender offer, purchasing 10,802,550 shares of its Class A common stock at $23.20 per share, totaling approximately $250.6 million. This repurchase represents about 26.6% of the Class A Shares outstanding as of October 13, 2020. All properly tendered shares were accepted, and the payment will be made using available cash. BofA Securities and Citigroup acted as joint dealer managers for the offer, with D.F. King serving as the information agent.
AMC Networks announced the preliminary results of its modified Dutch auction tender offer, which ended on October 14, 2020. A total of 10,912,396 shares of Class A common stock were properly tendered at or below the purchase price of $23.20 per share. The company expects to purchase these shares for a total of approximately $253.17 million. The shares represent 26.9% of the Class A shares outstanding as of October 13, 2020. Payment will be made with available cash, and the final purchase numbers will be confirmed post-guaranteed delivery period.
AMC Networks announces a modified Dutch auction tender offer to buy back up to $250 million in Class A common stock, ranging from $22.50 to $26.50 per share. The current share price is $20.77. This offer commences on September 16, 2020 and runs until October 14, 2020. Additionally, Charles F. Dolan will transition to Chairman Emeritus, with James L. Dolan stepping in as Non-Executive Chairman.
AMC Networks (NASDAQ: AMCX) announced that Chief Financial Officer Sean S. Sullivan will depart for a senior role at another company, remaining until mid-October. The company plans to appoint an interim CFO or successor before his exit. Sullivan, who joined the company in 2010 and played a vital role in its financial planning, contributed significantly to diversifying the business and maintaining a strong financial profile, according to President and CEO Josh Sapan. AMC Networks operates several entertainment brands and has a robust global presence.