Amc Networks Stock Price, News & Analysis

AMC Networks Inc. (NASDAQ: AMCX) reported Q2 2024 financial results, highlighting strategic progress in programming, partnerships, and profitability. Key developments include:

1. A new content licensing agreement with Netflix for 15 AMC branded shows.

2. A licensing partnership with Sky for The Walking Dead Universe in the UK.

3. Inclusion in Optimum's new Entertainment TV package.

4. Price increases for Acorn TV and HIDIVE streaming services.

Financial highlights:

• Net revenues: $626 million (8% decrease)
• Streaming revenues: $150 million (9% increase)
• Operating income: $11 million
• Adjusted Operating Income: $153 million (24% margin)
• Diluted EPS: $(0.66)
• Adjusted EPS: $1.24
• Free Cash Flow: $95 million

The company remains focused on generating strong free cash flow and is on track to meet its full-year guidance.

AMC Networks General Counsel and EVP Jamie Gallagher will retire at the end of 2024 after more than 16 years of service. Gallagher played a important role in guiding AMC Networks through significant milestones, including taking the company public in 2011, creating AMC Studios, and establishing the company's targeted streaming portfolio, led by AMC+. CEO Kristin Dolan praised Gallagher's exceptional leadership and contributions, highlighting his instrumental role in navigating the dynamic media landscape. Gallagher expressed gratitude for his experience at AMC Networks, calling it the greatest professional experience of his life. The company has initiated a search for a successor and will provide updates as appropriate.

AMC Networks Inc. (NASDAQ: AMCX) has announced it will report its second quarter 2024 results on Friday, August 9, 2024. The company will host a conference call at 8:30 a.m. Eastern Time to discuss the results, which will be issued in a press release before the market opens. The call will be webcast live on the company's investor relations website.

Interested parties can pre-register for the conference call to obtain dial-in information and a passcode. Internet replays will be available approximately two hours after the call ends. AMC Networks is known for creating and curating celebrated series and films across various brands, including targeted streaming services like AMC+ and Acorn TV, as well as cable networks such as AMC and BBC AMERICA.

AMC Networks (Nasdaq: AMCX) announced the pricing of its $125 million offering of 4.25% convertible senior notes due 2029. The private offering targets qualified institutional buyers under Rule 144A of the Securities Act. An option allows initial purchasers to buy up to an additional $18.75 million worth of notes within 13 days of issuance, expected to close on June 21, 2024. The net proceeds are allocated for general corporate purposes including debt repayment. The notes are senior unsecured obligations guaranteed by AMC Networks' domestic subsidiaries, paying interest semi-annually. The initial conversion rate is 78.5083 shares per $1,000 of notes, equating to $12.74 per share—a 25% premium over the June 17, 2024, closing price. Conversion conditions apply until November 15, 2028, after which conversion can occur anytime until maturity.

On June 17, 2024, AMC Networks announced a private offering of $125 million in convertible senior notes due 2029. These notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act. An additional $18.75 million option may also be available to initial purchasers. The proceeds will be used for general corporate purposes, including debt repayment. The notes are senior, unsecured obligations guaranteed by AMC Networks' domestic subsidiaries. Conversion terms will be determined through negotiations, and the notes will mature on February 15, 2029, unless converted earlier.

AMC Networks Inc. reported financial results for Q1 2024, highlighting operational successes like hit series debuts and content expansions. The company strengthened its balance sheet through financing transactions, extended debt maturities, and showcased positive cash flow performance. However, net revenues decreased by 17% and diluted EPS by 56.4% compared to the prior year.