Amc Networks Stock Price, News & Analysis

AMC Networks (NASDAQ: AMCX) announced that its CEO, Christina Spade, has stepped down. The Board of Directors is currently finalizing her replacement, with an announcement expected soon. Chairman James Dolan expressed gratitude for Spade's contributions as both CEO and former CFO. AMC Networks is recognized for its diverse entertainment brands, including AMC+, Acorn TV, Shudder, and several others, along with notable productions like The Walking Dead and the Anne Rice catalog.

AMC Networks reported its Q3 2022 financial results, showcasing a 44% increase in paid streaming subscribers, reaching 11.1 million, alongside a 41% surge in streaming revenue. However, net revenues declined 16% to $682 million due to reduced content licensing and advertising revenues. Operating income fell 20% to $151 million, with diluted EPS at $1.94, reflecting a 23.9% decrease year-over-year. The company maintained a focus on transforming into a consumer-focused premium content provider, backed by strong digital distribution growth, notably through its partnership with Roku.

Brand Velocity Group (BVG) has launched a sports-focused vertical named Brand Velocity Group Sports (BVGS), led by sports pioneer Joseph Cohen as chairman. BVGS aims to invest in sports-adjacent companies and potentially professional sports teams, enhancing growth and financial flexibility for stakeholders. The BVGS team features experienced partners including Drew Sheinman and Eli Manning, along with a diverse advisory group with significant industry influence. BVGS will leverage BVG’s operational expertise and the Share the Gains initiative, which allocates 10% of carried interest earnings to employees, fostering a culture of shared success.

AMC Networks (NASDAQ: AMCX) will hold a conference call on November 4, 2022, at 8:30 a.m. ET to discuss its third-quarter results for 2022. The company will issue a press release with the results before the market opens. Interested parties can listen to the call via webcast on the company's investor relations website. Telephone attendees must pre-register to receive the dial-in number and passcode. Internet replays will be available about two hours after the call.

Orange Comet and AMC Networks have expanded their exclusive partnership, launching NFTs and virtual environments for The Immortal Universe of Anne Rice, coinciding with the premiere of Anne Rice's Interview with the Vampire on October 2. The collaboration aims to enhance fan experiences across franchises, also expanding The Walking Dead NFT Collection to integrate new series. The next NFT collection featuring 3D Avatars will mint on October 5, offering fans a chance to engage with the The Walking Dead universe in a unique way.

AMC Networks has appointed Known as its global media agency of record. This collaboration will enhance AMC's media strategy, planning, and buying across various channels, aiming to boost viewership and subscriber engagement. Known's data-driven approach will support upcoming launches, including the premiere of Anne Rice's Interview with the Vampire and subsequent series like Anne Rice's Mayfair Witches. AMC Networks is focused on expanding its streaming footprint with platforms like AMC+ and aims to deliver high-quality content to its audiences.

AMC Networks has appointed Christina Spade as the new Chief Executive Officer effective September 9, 2022. Spade, previously the Chief Operating Officer and Chief Financial Officer, brings extensive media experience to the role. Patrick O’Connell is named Executive Vice President, Chief Financial Officer, succeeding Spade. Under their leadership, AMC Networks aims to expand its streaming strategy, targeting 20-25 million subscribers by 2025, building on a current base of 10.8 million across various platforms.

AMC Networks reported its second-quarter financial results for 2022, showing a 4% decline in net revenues to $738 million, despite a 46% increase in streaming subscribers to 10.8 million. The company added 1.3 million new subscribers, driven by the AMC+ launch in Spain. Operating income surged 125% to $153 million, aided by reduced litigation charges. However, adjusted operating income fell 22% due to increased investments in content and marketing. The diluted EPS rose significantly to $1.91, while the company remains on track to achieve its long-term subscriber target of 20-25 million by 2025.

AMC Networks will host a conference call to discuss its Q2 2022 financial results on August 5, 2022, at 8:30 a.m. ET. A press release will be issued prior to market opening. Investors can access the live webcast through the company’s website at investors.amcnetworks.com. Telephone access requires pre-registration for a dial-in number and passcode. Internet replays will be available about two hours post-call at the same site.